Industry body SIAM on Tuesday said wholesale sales of passenger vehicles in India in May rose 4 per cent to 3,47,492 units as compared to the same month last year. Total passenger vehicle (PV) dispatches from companies to dealers stood at 3,34,537 units in May 2023. According to PTI news, Vinod Aggarwal, President, Society of Indian Automobile Manufacturers (SIAM), said in a statement that passenger vehicles have seen only marginal growth, mainly due to the high base effect of last year.
Aggarwal said two-wheeler sales grew 10 per cent to 16,20,084 units last month as against 14,71,550 units in the same period a year ago. With expectations of a better-than-normal monsoon and the new government’s continued emphasis on economic growth as it pursues its goal of a developed India by 2047, the auto industry is optimistic of steady growth in 2024-25 as well.
Three wheeler sales remained strong
According to the latest data from SIAM, dispatch of three-wheelers grew 15 per cent to 55,763 units in May as against 48,610 units in May 2023. Commenting on the May 2024 performance, Rajesh Menon, Director General, SIAM, said passenger vehicle sales in May 2024 were the highest ever in May, although a marginal growth of 3.9% was recorded as compared to May 2023.
He said two-wheelers registered a growth of 10.1% in May 2024 over last year, but it is still lower than the May 2017-18 levels. Domestic sales of three-wheelers in May 2024 grew by 14.7% over May 2023, registering the highest ever May sales, surpassing the previous peak of the year 2018-19.
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