India’s automobile retail sales spike 13% y-o-y in February
The surge is on the back of enhanced vehicle availability, improved demand due to economic conditions, and the impact of marriage season.
The Indian automotive industry in August rolled out about 23.85 lakh vehicles comprising passenger carriers, three/two wheelers and quadricycles, according to the Society of Indian Automobile Manufacturers (SIAM).
While the domestic vehicle sales went up last month as compared to corresponding period previous year, the exports have come down.
According to SIAM, during August 2023, the domestic sales of – passenger carriers (cars, utility vehicles, vans), three wheelers, two wheelers and quadricycles) – stood at about 19.45 lakh units up from about 18.77 lakh units sold during August 2022.
Advertisement
As regards to exports, the industry shipped out about 3.80 lakh units last month, down from about 4.02 lakh units exported during August 2022.
During the period April-August 2023, the total exports of vehicles stood at about 17.86 lakh units down from 22.58 lakh units shipped out during April-August 2022.
“Last month saw the highest ever August month sales for passenger vehicles and three-wheelers, while two-wheeler sales remained at levels similar to a year ago. We have also observed good growth in commercial vehicle segment in August 2023. Based on the performance of last month, we are even more optimistic for demand to pick-up during the festive season, enabled by positive economic outlook and the revival of monsoon after a deficit in August,” said SIAM President Vinod Aggarwal.
“Some 3.59 lakh units of passenger vehicles were sold in the month of August, with a growth of 9.40 per cent compared to August 2022. Three-wheelers also reported a significant growth of 68.79 per cent, posting sales of about 0.65 lakh units in August 2023. Some 15.67 lakh Two-Wheelers were sold last month in the country, with a growth of 0.59 per cent compared to August 2022,” said Rajesh Menon, Director General, SIAM about last month sales.
Advertisement
