The 1st quarter of FY 2024 recorded a grand total sales of 5.49 million vehicles including 9.95 lakh passenger vehicles, 2.17 lakh commercial vehicles, 1.44 lakh three-wheelers, and a total of 41.40 lakh two-wheelers.
The overall sales record a 11 per cent growth on a YoY basis and a nine per cent growth for the passenger segment with a sales figure crossing the two million mark in the first half of the calendar year. The commercial vehicle segment recorded a minor slump of three per cent on a YoY basis.
The two-wheeler segment saw a solid 11 per cent growth as compared to the same period last year and the three-wheeler segment recorded a significant 89 per cent growth on a YoY basis which was led by sales of passenger carriers, e-rickshaws, and e-carts.
For the month of June, a total of 1.38 million vehicles were sold which translates to a four per cent growth on a YoY basis. This consisted of 3.27 lakh passenger vehicles, 1.33 million two-wheelers and 53,019 three-wheelers.
Vinod Aggarwal, President, SIAM said, “In the quarter, the auto industry seamlessly transited to the very stringent BS 6 Phase 2 Emission Norms from April 1, 2023, reflecting the commitment of the Industry towards the environment. overall passenger vehicles, two-wheelers, three-wheelers and commercial vehicles have performed well in Q1 of 2023-24, although some sub-segments have shown a 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.”
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By: Sumesh Soman