Auto Sales: Wholesale sales of passenger vehicles in India declined 2.5 per cent year-on-year to 3,41,510 units in July. Automotive industry body SIAM gave this information on Wednesday. Wholesale sales of passenger vehicles (PVs) stood at 3,50,355 units in July 2023. According to data released by the Society of Indian Automobile Manufacturers (SIAM), utility vehicles continued to drive passenger vehicle sales, growing 4.1 per cent to 1,88,217 units last month as against 1,80,831 units in July 2023. However, passenger car sales declined 12 per cent to 96,652 units as against 1,09,859 units in the same month last year. According to SIAM data, two-wheeler wholesales grew 12.5 per cent to 14,41,694 units last month as against 12,82,054 units in July 2023.
Motorcycle wholesale sales on the rise
Motorcycle wholesales grew 4.1 per cent to 8,50,489 units in July 2024 from 8,17,206 units in July 2023. Scooter sales grew 29.2 per cent to 5,53,642 units last month as against 4,28,640 units in the same period a year ago. According to the data, wholesale sales of three-wheelers also grew 5.1 per cent to 59,073 units from 56,204 units in July 2023. SIAM President Vinod Aggarwal said in a statement, “The three-wheeler and two-wheeler segments are performing well, but there has been some decline in sales of passenger vehicles and commercial vehicles in July 2024 as compared to July 2023.
Growth likely to pick up again
However, he said that above average rains and upcoming festivals are likely to boost growth again in the short term. Aggarwal said, “Apart from this, budget announcements emphasizing overall economic growth with fiscal support for infrastructure and rural sector will prove to be good for the automotive sector in the medium term.”
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