Page 9 - Passenger Vehicles

Passenger vehicle wholesales clock record 393,074 units in Jan, up by 14%

Passenger Vehicles (PV) sales in India kicked off on a strong note in 2024 with wholesales rising 14 per cent year-on-year to 3,93,074 units last month, the best-ever figure for January driven by robust demand for utility vehicles, industry body SIAM said on Wednesday. As per the data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicles from manufacturers to dealers stood at 3,46,080 units in January 2023. Two-wheeler wholesales rose 26 per cent to 14,95,183 units last month as compared with 11,84,376 units in January last year. "Passenger vehicle sales have remained resilient led by positive consumer sentiments, while the two-wheeler segment witnessed good growth in January as well as the rural market continues to recover," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said. Though the commercial vehicle sector did not grow in January 2024, it is likely to see good offtake in the next two months of this ...

After brisk start, electric vehicle penetration loses momentum in FY24

Electric two-wheelers, which were expected to lead the charge, are a case in point, especially after the government sharply cut back the subsidy given to manufacturers in the middle of last year

India's PV sales to slow down in FY25, EV market to be steady: ICRA to Siam

Commercial vehicle market expected to retreat in election year

India registered massive growth in PV sales in last 10 years: PM Modi

He was addressing the Bharat Mobility Global Expo at the Bharat Mandapam, in New Delhi on Friday. According to him, 10 years ago, around 2,000 electric vehicles were being sold

Tata Motors total vehicle sales climb 6% to 86,125 units in January

Tata Motors on Thursday said it has reported a 6 per cent year-on-year increase in its total vehicle sales (including international markets) at 86,125 units in January. The company had sold a total of 81,069 vehicles in January last year, according to a statement. During the last month, total domestic sales stood at 84,276 units as against 79,681 units in January 2023, logging a 6 per cent year-on-year growth. At the same time, total commercial vehicle sales declined 2 per cent to 32,090 units in the previous month from 32,780 vehicles in January last year, it said. The total passenger vehicle domestic sales, including EVs, grew 12 per cent to 53,633 units in the month as compared to 47,987 vehicles a year ago.

Wheels India Q3 results: Net profit at Rs 12.58 cr amid low-demand

Wheels India, a company manufacturing wheels for trucks and passenger vehicles, has registered a net profit of Rs 12.58 crore for the October-December 2023 quarter, attributing it to the impact of low-demand tractor and mining wheel segments, the company said on Tuesday. The Chennai-headquartered company registered a net profit of Rs 15.36 crore during the corresponding quarter of the last financial year. Revenues during the quarter under review grew to Rs 1,131 crore driven by a strong recovery in exports, as compared to Rs 1,018 crore registered in the same period of last year. Export revenues stood at Rs 307 crore for the quarter under review as compared to Rs 205 crore recorded in the corresponding quarter of last year. "The profits in Q3 were impacted by low demand in the tractor and mining wheel segments and by the floods that affected our Padi plant in the first week of December 2023. There was no power for a week at the plant and we were not able to run it to full capacity i

Toyota holds lead as world's no. 1 automobile manufacturer for fourth year

Output, which refers to cars off the production line, grew 8.6 per cent to 11.5 million units. VW's deliveries increased 12 per cent to 9.24 million units in 2023

Passenger vehicle volumes expected to log 8-10% growth in FY24: Report

The Passenger Vehicles (PV) segment volumes are expected to log a record 8-10 per cent growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said on Wednesday. Earlier on Tuesday, the credit rating agency said the segment was likely to see 18-20 per cent growth in PV sales. The rating agency said there is "a correction in the numbers mentioned for passenger vehicles industry in the outlook, which is likely to record a volume growth of around 8-10 per cent in FY24 as the pent up demand levels off amid hike in vehicle prices". The PV industry domestic sales grew 7.4 per cent year-on-year in the April-December period of FY24, it said in the revised statement. In its earlier report, the ratings agency had said the domestic passenger vehicles sale grew 25 per cent year-on-year during this period. It also projected that the PV sales volume will continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvemen

Passenger vehicle segment to see record 18-20% growth in FY24: Report

The Passenger Vehicles (PV) segment volumes are expected to log a record 18-20 per cent growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said in a report on Tuesday. It also projected the PV sales volume to continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvement in supply chain, the credit ratings agency said. The demand for premium variants is expected to remain healthy, while that of entry-level variants may remain muted due to high interest rates and an inflationary environment, according to CareEdge. The Electric Four-Wheeler (E4Ws) segment -- which contributes about 6 per cent to the total EV market sales -- volumes have grown significantly in the past few years, it said. Major Original Equipment Manufacturers (OEMs) have planned to introduce more EV models in the future, suitable for the domestic market that could boost their adoption and increase competition in the market, it ...

Average selling price of passenger vehicles in India up by 50% in 5 years

ASP has gone up from Rs 7.65 lakh in 2018-19 to Rs 11.5 lakh in 2023-24, according to the industry. Premiumisation, changing regulatory norms and SUV craze lead to price hikes

Tata Motors announces 0.7% price hike on passenger vehicles from Feb 1

The automotive industry has witnessed a trend, with various manufacturers resorting to similar price hikes in the early months of FY24

Passenger vehicle sales to grow 3-4% in 2024: Hyundai COO Tarun Garg

He said that the Indian PV industry expected volume sales growth of 3.5 to 5 per cent in 2023 but eventually it went up to 8.2 %. Hyundai's domestic sales increased by 9 % in 2023 to 602,111 units

Passenger vehicle wholesales rise 4% to 286,390 units in December

Domestic passenger vehicle wholesales grew by 4 per cent to 2,86,390 units last month, the Society of Indian Automobile Manufacturers said on Friday. As per the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicles (PVs) from manufacturers to dealers were 2,75,352 units in December 2022. Two-wheeler domestic wholesales stood at 12,11,966 units last month as against 10,45,052 units in December 2022, a growth of 16 per cent. Similarly, three-wheeler wholesales were higher at 50,537 units last month as compared to 38,693 units in December 2022.

TMS Ep605: Pilot fatigue, PV inventory, real estate stocks, stock split

How can Indian airlines balance pilot fatigue and profits? Are India's auto dealers facing a problem of plenty? Is it time to book profit in real estate stocks? What is a stock split? All answers here

Passenger vehicles in fast lane: 2024 begins with 75% surge in inventory

2023 saw 11% growth in automobile retail sales, setting the momentum for the year ahead

Vehicle scrappage policy key to cutting India steel sector emissions

CO2 emissions from Indian steel production range from 2.5 to 2.85 tonnes per tonne of crude steel, in contrast to global average carbon intensity of 1.4 tonnes per tonne of steel, as reported by IEA

TMS Ep600: PV growth, climate change authority, markets, Muhammad Yunus

Can RBI slam the brakes on PV sales growth? Does India need a climate change resilience authority? Which sectors will be on FPIs' radar in 2024? Who is Muhammad Yunus? All answers here

PV sales touch record high in 2023 at 4.1 mn, SUVs continue strong growth

Passenger vehicle sales in India touched a record high of 41.08 lakh units in 2023, growing by 8.3 per cent over the previous year driven by SUVs, which accounted for almost half of the total dispatches from manufacturers to dealers. The record sales have been achieved despite an increase in the average price of vehicles to Rs 11.5 lakh last year as compared to Rs 10.58 lakh in 2022. Market leader Maruti Suzuki, Hyundai Motor India, Tata Motors and Toyota Kirloskar Motor reported their best-ever annual sales in 2023. "If you look at January to December 2023, wholesales crossed 41.08 lakh. This is the first time the industry has ever crossed the 4 million mark. That, I think is a huge milestone in the history of the Indian passenger vehicles (PV) industry," Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava told reporters in a call. He further said, "This is against wholesales of 37.92 lakh units for the calendar year 2022. Therefore, there is a .

Automakers gear for moderate sales after 2023, ready for more EV launches

After posting record-breaking volumes in 2023, Indian automobile industry is driving into the new year aware of a lurking moderation in sales growth but ready to embrace green technologies, led by electric vehicles. Passenger vehicle sales are expected to cross 40 lakh units this year and prices are set to rise from January. Veteran industry leader and Maruti Suzuki India Chairman RC Bhargava said the sales are expected to moderate a bit next year compared to 2023. He noted that the revival of the small car segment is necessary for the faster growth of the industry. The share of entry-level cars in the passenger vehicle sales which stood at around 14 per cent in 2018-19 has reduced to around 4 per cent in the April-October period this year. "As far as Maruti Suzuki is concerned, I believe that we will have higher growth than the industry," Bhargava told PTI. While being positive on the growth of Electric Vehicle (EV) sales next year, he noted that the focus should be towards all

Electric cars expected to see volume growth of 30-40% in 2024: Chandra

He said that more electric car models at different price points -- between Rs 8 lakhs and Rs 30 lakhs -- have to come in the Indian market so that people have more options