Passenger vehicle wholesales rise 28 per cent in Nov on robust demand

Passenger vehicle wholesales in India rose 28 per cent YoY in November, aided by robust demand for both utility vehicles and cars, industry body Society of Indian Automobile Manufacturers said

Passenger vehicle wholesales in India rose 28 per cent year-on-year in November, aided by robust demand for both utility vehicles and cars, industry body Society of Indian Automobile Manufacturers said on Tuesday.

Overall passenger vehicles dispatched from companies to dealers stood at 2,76,231 units last month as compared to 2,15,626 units in November 2021.

Utility vehicle wholesales rose 32 per cent to 1,38,780 units in November against 1,05,091 units in the year-ago period.

Similarly, passenger car dispatches increased 29 per cent to 1,30,142 units from 1,00,906 units in November 2021.

Van sales, however, dropped to 7,309 units last month from 9,629 units in November 2021.

"Positive consumer and business sentiments have reflected in the better sales in the month of November 2022, compared to the previous year," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement.

There is a sequential decline in wholesales over October 2022 attributable to seasonality and softness in key export markets, he added.

Elaborating further, SIAM Director General Rajesh Menon said the passenger vehicle segment has posted the highest ever sales in 2022-23 till November.

However, the three-wheeler dispatches are still lower than 2010-11 and two-wheelers are less than the 2016-17 level, he added.

"Higher interest rates and increase in long-term insurance premium continues to be a concern for the consumers," Menon stated.

The total two-wheeler wholesales last month grew 16 per cent to 12,36,190 units against 10,61,493 units in the year-ago period.

Motorcycle sales increased to 7,88,893 units last month from 6,99,949 units in November last year.

Similarly, scooter wholesales rose to 4,12,832 units in November from 3,18,986 units in November 2021.

The total three-wheeler dispatches surged to 45,664 units against 22,551 units a year ago.