Auto industry body SIAM has reported a 2% year-on-year increase in domestic passenger vehicle wholesales in June, reaching 327,487 units. The rise in demand was particularly strong for multi-utility vehicles. In June 2022, the dispatches to dealers stood at 320,985 units.
April-June Quarter Performance
During the April-June quarter, passenger vehicle sales reached 995,974 units, showing a growth of 9% compared to the same period in the previous fiscal year. Two-wheeler sales during the quarter rose by 11% to 4,140,964 units. However, commercial vehicle sales declined to 217,046 units.
Overall Performance and Outlook
SIAM President Vinod Aggarwal stated that the passenger vehicles, two-wheelers, and three-wheelers have performed well in Q1 of 2023-24, with some sub-segments experiencing slight momentary declines compared to the same period last year. He further mentioned that with expectations of a reasonable monsoon, coupled with lowering inflation, the industry expects the economy to continue growing, benefiting the auto sector. However, high interest rates remain a concern.
Record-Breaking Sales
SIAM Director General Rajesh Menon highlighted that the sales of passenger vehicles in the April-June quarter reached a record high, achieving a growth of 9.4% compared to the previous year. The passenger vehicle segment crossed 2 million units in the first half of the calendar year for the first time. Two-wheelers also posted a growth of 11.2% in the quarter, although they are still below the levels seen in 2016-17. Domestic sales of three-wheelers in Q1 of 2023-24 grew by 89.4% compared to last year but are still lower than the 2018-19 levels.
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