The GST rate cut (referred to as GST 2.0 reforms) has brought significant price reductions on cars in India, leading to an immediate surge in sales for top automakers like Maruti Suzuki and Hyundai Motor India.
- Maruti Suzuki:
- Reported 25,000 deliveries by late evening and expected to cross 30,000 units by day’s end.
- Received 80,000 customer enquiries in a single day.
- Saw a 50% rise in bookings for small cars.
- Some models/variants may run out of stock due to high demand.
- Hyundai Motor India:
- Achieved around 11,000 dealer billings, the company’s highest single-day performance in 5 years.
- Sales momentum attributed to the festive season (Navratri) combined with GST benefits.
- Industry Impact:
- Dealers witnessed heavy footfall as customers rushed to buy cars at reduced prices.
- Used-car platform CARS24 saw a 400% surge in deliveries compared to daily averages.
- The automotive industry body SIAM stated that the GST rate cut will provide long-term benefits, boosting domestic value addition and industry growth.
In short, lower car prices + festive season = record-breaking sales day for the auto industry.
