Passenger Vehicle Dispatches Beat Fiscal-Year Record With A Month To Spare
The sales were 30% higher in April–February compared with the same period a year earlier.
Passenger vehicles recorded the highest-ever domestic dispatches to dealerships in a financial year with a month to spare in the current fiscal.
With domestic dispatches of 2.92 lakh units in February, the industry has shipped 34.62 lakh cars and utility vehicles to dealerships between April 2022 and February 2023, according to data from the Society of Indian Automobile Manufacturers. That is 2.5% higher than the previous full-year high of 33.77 lakh units in 2018–19.
The sales were 30% higher in April–February in comparison to the same period in the previous fiscal, with 40% growth in utility vehicles and 22% rise in the passenger cars segment.
After touching the peak in 2018–19, passenger vehicle sales fell for two consecutive years before picking up again in 2021–22 as Covid-related restrictions eased.
In 2018–19, the auto industry saw record sales as all categories, including two-wheelers and commercial vehicles, registered the highest-ever dispatches. The current fiscal has not proven equally positive for all categories, with the passenger vehicle segment being the clear outlier.
"In the period April–February, two and three-wheelers are yet to reach the pre-Covid levels, though it is the highest ever for the passenger vehicles," SIAM Director General Rajesh Menon said.
In February, passenger vehicle dispatches grew 11% year-on-year, while sales of two-wheelers and three-wheelers rose 7.6% and 86%, respectively. Total auto sales rose 9.8% to 14.7 lakh units during the month.
The hike in repo rates, which would result in higher cost of borrowing, remains a concern, Vinod Aggarwal, president of the automakers' body, said in a statement. "We hope that the rates will get moderated suitably."
Auto Wholesale Domestic Sales In February (YoY)
Passenger vehicle sales grew 11% to 2.92 lakh units.
Passenger car sales rose 6.5% to 1.42 lakh units.
Utility vehicle sales gained 15% to 1.38 lakh units.
Two-wheeler sales rose 7.6% to 11.3 lakh units.
Motorcycle sales gained 6.9% 7.03 lakh units.
Scooter sales grew 9.8% 3.91 lakh units.
Three-wheeler sales jumped 86% to 50,382 units.