India Passenger Vehicle Sales Rise 29% In October

Passenger vehicle wholesales in India rose 29 per cent to 2,91,113 units in October aided by robust demand in the festive season, the Society of Indian Automobile Manufacturers (SIAM) said on Friday. Total passenger vehicle dispatches from companies to dealers were 2,26,353 units in October 2021. Total two-wheeler dispatches last month increased 2 per cent to 15,77,694 units as compared to October 2021. Total dispatches of passenger vehicles, three and two- wheelers last month stood at 19,23,032 units, up 6 per cent from 18,10,856 units in October 2021. Commenting on October sales, Mr Vinod Aggarwal, President, SIAM said, Good market sentiments coupled with festive boost, resulted in higher sales in October, especially for Passenger Vehicles. Higher inflation and rising interest rates have impacted the rural market more, thereby returning marginal growth of the Two-Wheeler segment. Passenger Three-Wheelers is seeing better off-take due to increased shared mobility in semi-urban and urban areas. Meanwhile, Mr Rajesh Menon, Director General, SIAM said, Though the Passenger Vehicles have reported highest ever domestic sales in April to October period, Sales of Two-Wheelers in these 7 months of 2022 is still lower than that of 2016, while for Three-Wheelers it is lower than 2010. Similarly, exports of Passenger Vehicles continued to grow, while there has been a drop in exports of both Two and Three-Wheelers.

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