BENGALURU, April 1 Reuters Mahindra Mahindra and Hyundai Motor39;s India unit reported higher car sales in March and both the companies ended fiscal 2024 with record sales figures, monthly data from the automakers showed on Monday.

Each month, automobile makers in India release wholesale numbers, or vehicle sales to dealers.

Maruti Suzuki, Tata Motors and Hero MotoCorp will report monthly numbers later in the day.

WHY IT39;S IMPORTANT

The numbers are seen as a key indicator of private consumption in India. The auto sector carries more than 50 weightage in calculating the country39;s economic growth.

CONTEXT

A surge in domestic sales of pricier sport utility vehicles SUVs last year has extended into 2024. Utility vehicles accounted for nearly 60 of total passenger vehicle sales from April 2023 to February 2024, according to industry data.

Entrylevel car sales floundered last year. In a bid to increase demand, automakers have banked on higher discounts in the segment.

Meanwhile, product launches and improved rural demand for entrylevel models have helped bolster twowheeler sales amid heated competition in the highend segment.

BY THE NUMBERS

Manufacturer

Total March Sales units

YY change in March

Total FY24 Sales units

YY change in FY24

Mahindra Mahindra Auto

68,413

3.5

824,939

18.1

Mahindra Mahindra Farm Equipment…