Passenger vehicles recorded the highest-ever Q3 sales and surged 8.2% in the December quarter at 9,34,955 units as against 10,12,285 units in the same period last year, according to the latest data by the Society of Indian Automobile Manufacturers (SIAM). Notably, for CY2023, the passenger vehicle retail sales crossed the 4-million mark. The passenger vehicles witnessed a marginal dip in exports in the December quarter to 1,69,463 units as against 1,70,458 units in the same period last year. In December, the sales of passenger vehicles stood at 2,86,352 units, up 4% as against 2,86,390 units in the same period last year. In the April to December period, the passenger vehicle wholesales stood at 30,83,245 units as against 28,71,759 units in the same period last year.
Meanwhile, the three-wheeler wholesales recorded a stellar performance in the quarter ended December of FY24, registering double-digit growth. The three-wheeler segment sold 1,38,511 units, up 35.1% as against 1,87,215 units in the corresponding period of the previous year. In December, the segment witnessed wholesale growth of 30.6% to 38,693 units as against 50,537 units in the same period last year. In the April to December period, the segment sold 6,80,550 units as against 4,18,510 units in the same period last year. The three-wheeler exports in the December quarter declined to 74,711 units as against 91,369 units in the same period last year. Vinod Aggarwal, president, SIAM had earlier said that there has been a lot of pent-up demand in the three-wheeler segment as the segment has been down significantly in the past few years.
"Year 2023 has been reasonably satisfactory for the Automobile Sector, as Passenger Vehicles, Commercial Vehicles and Two Wheelers have posted single-digit growth, while three[1]wheelers have made a very good recovery. Various schemes of the Government of India that have been operational now, are showing good results, and are also helping the Auto Industry to seamlessly transform to new powertrain realms. Auto Industry is optimistic that the growth momentum will continue in the year 2024 as well," says Aggarwal.
The two-wheeler sales surged 22.6% in the December quarter to 47,31,164 units as against 38,59,717 units in the same period last year. In December, the segment grew by 15.9% to 12,11,966 units as against 10,45,052 units in the same period last year. The two-wheeler exports in the December quarter surged 1.2% to 8,57,002 units as against 8,46,513 units in the same period last year.
Meanwhile, commercial vehicle sales stood at 91,370 units, registering a 3.5% to 91,370 units as against 85,678 units in the same period last year. The exports of commercial vehicles surged 1.4% to 18,914 units as against 18,644 units in the same period last year.
