Passenger Vehicles Sales Up 2.2% in June: SIAM Passenger vehicle sales stood at 327,487 units in June 2023 compared with 320,985 units in June 2022
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Seamlessly transiting through the BS 6 Phase 2 Emission norms, the auto industry has witnessed strong performance in passenger vehicles, three-wheelers, two-wheelers, and quadricycles for June 2023, clocking 2,024,703 units, according to the data released by the Society of Indian Automobile Manufacturers (SIAM).
"Overall passenger vehicles, two-wheelers, three-wheelers and commercial vehicles 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, we expect the economy to continue to grow, which in turn should help the auto sector. High interest rates remain a concern," said Vinod Aggarwal, president, SIAM.
Passenger vehicle sales were up 2 per cent year-on-year (YoY) standing at 327,487 units in June 2023 compared with 320,985 units in June 2022.
Domestic sales in june 2023
The sales of three-wheelers almost doubled as it jumped by 98.56 per cent YoY and reached 53,019 units in June 2023, compared to 26,701 units in June 2022. The two-wheeler sales registered a slight increase of 1.68 per cent as the numbers touched 1,330,826 in June 2023, compared to 1,308,764 in June 2022. The numbers for quadricycles stood at 47 for June 2022 and 2023.
"Sales of passenger vehicles in Q1 of Apr-June 2023 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.
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. Commercial Vehicles have dropped by (-)3.3 per cent in this Quarter, compared to Q1 of last financial year," said Rajesh Menon, director general, SIAM.
Total passenger vehicles (PVs) sales rose to 9,95,974 units in April-June quarter, as against 9,10,495 in the same period last fiscal. Total three-wheeler dispatches rose to 1,44,475 units in April-June quarter, as against 76,293 units in the same period last fiscal. Commercial vehicle sales however declined to 2,17,046 units, from 2,24,488 units in the same quarter last year.
