Domestic Passenger Vehicle Wholesales Rise 2 Per Cent In June: SIAM

SIAM said during the April-June quarter, passenger vehicle sales rose to 9,95,974 units, up 9 per cent, as against 9,10,495 units in the same period of the last fiscal

Commercial vehicle sales, however, saw a decline to 2,17,046 units, from 2,24,488 units in the same quarter last year.

Source : Getty

Auto industry body SIAM on Wednesday said that passenger vehicle (PV) wholesales in the domestic market saw a rise of 2 per cent year-on-year (YoY) to 3,27,487 units in June as demand remained strong especially for the multi-utility vehicles. Passenger vehicle dispatches to dealers in June 2022 stood at 3,20,985 units.

According to SIAM, the total two-wheeler sales jumped by 2 per cent to 13,30,826 units last month, as against 13,08,764 units in the year-ago period, while total three-wheeler wholesales saw a nearly twofold jump in sales to 53,019 units in June, as compared to 26,701 units in June 2022.

During the April-June quarter, passenger vehicle sales rose to 9,95,974 units, up 9 per cent, as against 9,10,495 units in the same period of the last fiscal, the data showed. Total two-wheeler sales during the June quarter rose by 11 per cent to 41,40,964 units, as against 37,24,533 units in the year-ago period.

Commercial vehicle sales, however, saw a decline to 2,17,046 units, from 2,24,488 units in the same quarter last year. Total three-wheeler dispatches rose to 1,44,475 units in April-June quarter, as against 76,293 units in same period last fiscal year. Total sales in the June quarter rose to 54,98,602 units, as compared to 49,35,910 units in April-June period of last financial year.

SIAM President Vinod Aggarwal said, "Overall the passenger vehicles, two-wheelers and three-wheelers have performed well in Q1 of 2023-24, although some sub-segments have shown slight momentary decline, compared to Q1 of last year." 

With expectations of a reasonable monsoon, which has now covered most parts of the country, coupled with lowering inflation, the industry expects the economy to continue to grow, which in turn should help the auto sector, he added. However, high interest rates remain a concern, Aggarwal said.

Elaborating further, SIAM Director General Rajesh Menon said the sales of passenger vehicles in April-June quarter has been the highest ever with a growth of 9.4 per cent, 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 per cent in this quarter, compared to last year, but are still lower than 2016-17 levels," he said.

Domestic sales of three-wheelers in Q1 of 2023-24 grew by 89.4 per cent compared to last year albeit on a low base, but are still lower than the 2018-19 levels, Menon said.