New Delhi: Passenger vehicles (PVs) and three-wheelers posted the highest-ever monthly sales in India in October, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday.
At over 3.89 lakh units, PVs reported an unprecedented year-on-year (YoY) growth of 15.9% in sales in October, as compared to over 3.36 lakh units in the same period last year. The exports for this segment rose 13.13% to 53,920 units against 47,660 units in October 2022.
For three-wheelers, which includes e-rickshaws and e-carts, the total sales were up 42% to 76,940 units as compared to 54,154 units a year ago. The segment’s exports, however, fell 25.4% to 25,534 units.
Last month, two-wheeler sales also showed growth of 20.1% at 18,95,799 units, as compared to 1,578,383 units in October 2022. Exports rose by a lower 1.37% to 2,91,276 units.
The total production of PVs, three-wheelers, two-wheelers, and quadricycles in October 2023 stood at over 26.21 lakh units, 19.62% higher as compared to the same month last year when it was over 21.91 lakh the data revealed.
In line with analysts’ predictions, the festive season drove this growth. Industry experts expect a surge in sales in the first half of this month (November) driven by festive demand, which came late this year.
“All three segments have posted double-digit growth. This growth momentum is encouraging for the industry which has been enabled by sustained conducive policies of the government and the ongoing festive season,” said Vinod Aggarwal, SIAM’s president.
The domestic sales for all vehicles in India were up 20% at over 23.14 lakh units in October this year as compared to over 19.23 lakh units a year ago. The exports, however, were up marginally by 0.46% to 3.71 lakh units as compared to 3.69 lakh units in October 2022.
The production of all vehicles, according to SIAM data, was up 19.6% to 26.21 lakh units in October this year as compared to 21.91 lakh units last year.
For PVs, production rose 15.5% to 3.82 lakh units from 3.30 lakh units in October last year’s October.
Number of three-wheelers produced stood at 1.10 lakh, up 28.1% from 86,111 last year. Two wheelers production on the other hand grew 19.96% to hit 21.28 lakh units from 17.73 lakh last year.
Earlier in October, SIAM revealed a sharp decline in the sales of entry-level cars, plummeting by 75% to 35,000 units over the three months ended in September compared to the previous year. Sales of motorcycles and scooters – favoured modes of transport in villages largely due to affordability – also dropped 39% and 25% respectively.
(Published 11 November 2023, 00:37 IST)