The domestic sales of passenger vehicles surged by 11% year-on-year (YoY) to 2,91,928 units in February this year, according to the data released by the Society of Indian Automobile Manufacturers (SIAM). In February last year, passenger vehicle sales stood at 2,62,984 units. With this, the production of passenger vehicles also surged to 3,37,709 units in February against 3,13,042 units in the same period last year. However, the exports of passenger vehicles slumped to 46,486 units during the month under review, thus registering a decline of 9.2% YoY as against 51,213 units in the same period last year. Between April 2022 and February 2023, passenger vehicle sales stood at 34,61,716 units, whereas the production stood at 40,76,780 units.
"Passenger Vehicles posted its highest ever sales of February and the Three-Wheeler segment posted appreciable growth this month, compared to the last two years. The two-wheeler segment posted a moderate growth of 8% in February 2023, compared to February 2022. In the period April - February, two and three-Wheelers are yet to reach the pre-covid levels, though it is the highest ever for passenger vehicles," says Rajesh Menon, director general, SIAM.
In the two-wheeler segment, the domestic sales stood at 11,29,661 units in February, registering an uptick by 7.5% as against 10,50,079 units in the same period last year. With this, the production of two-wheelers stood at 17,54,922 units in February, registering a decline by 2.9%, as against 18,07,722 units in the same period last year. The two-wheelers’ exports during the month under review stood at 2,35,087 units as against 3,75,689 units in the same period last year. Between April 2022 and February 2023, two-wheelers sales stood at 1,45,71,534 units, whereas production stood at 1,78,92,833 units.
In the three-wheeler segment, the domestic sales stood at 50,382 units as against 27,074 units in the same period last year. The production of three-wheelers during the month under review stood at 68,092 units whereas the exports stood at 19,640 units. In February last year, three-wheelers production stood at 64,012 units, whereas exports stood at 35,997 units. Between April and February, the production and sales of three-wheelers stood at 7,78,828 units, and 4,34,408 units, respectively.
"Passenger Vehicles posted its highest ever sales of February and the Three-Wheeler segment posted appreciable growth this month, compared to the last two years. The Two[1]Wheeler segment posted a moderate growth of 8% in February 2023, compared to February 2022. In the period April - February, Two and Three-Wheelers are yet to reach the pre-Covid levels, though it is the highest ever for passenger vehicles," Vinod Aggarwal, president, SIAM says.
