Automobile Industry
Automobile Industry

Domestic Passenger Vehicle Sales Rise by 4% in May, Records 3,47,492 Units Sold: SIAM

India's passenger vehicle wholesales figure rose 4 per cent year-on-year to 3,47,492 units in May, according to SIAM

Passenger vehicle wholesales in India increased 4 per cent year-on-year in May to 3,47,492 units, as compared to the same month last year, industry body SIAM said on Tuesday.

Overall passenger vehicle (PV) dispatches from companies to dealers stood at 3,34,537 units in May 2023.

"Passenger vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year," the Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement.

Two-wheeler sales rose 10 per cent to 16,20,084 units last month, as compared to 14,71,550 units in the year-ago period.

Three-wheeler dispatches rose 15 per cent to 55,763 units in May, as against 48,610 units in May 2023.

Last month as well, the overall passenger vehicle dispatches from companies witnessed a modest 1.3 per cent year-on-year increase, reaching a record level of 3,35,629 units.

Meanwhile, utility vehicle sales saw a 21 per cent surge to reach 1,79,329 units compared to the corresponding period last year. However, passenger car dispatches saw a decline of 23 per cent.

The Society of Indian Automobile Manufacturers (SIAM) reported a rise of 31 per cent in two-wheeler wholesales, totaling 17,51,393 units in April compared to the previous year's figure of 13,38,588 units.

Vinod Aggarwal, President of SIAM, was optimistic about the auto industry's performance in the current fiscal year, noting a positive start in April 2024 compared to the same period last year.

"Above normal monsoon rainfall, policy continuity post-elections and government’s push on manufacturing and infrastructure would propel the overall economic growth which would help in continuing the auto sector's growth trajectory," he earlier stated.

(With inputs from PTI)

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