Sales of automobiles continue to grow even after festive season: SIAM

According to data available with industry body Society of Indian Automobile Manufacturers (SIAM), as many as 276,231 passenger vehicles were sold last month – an increase of 28% over 215,626 units sold in the same period last year. The growth would have been even higher at 32% if we were to include the numbers of Tata Motors which sold 46,425 units in November. Tata Motors does not report sales on a monthly basis to SIAM.

While sales of passenger cars went up by 29% to 130,142 units in November, those of utility vehicles rose by nearly a third to 138,780 units.

Domestic sales only
*Does not include sales of Tata Motors
Source : SIAM

Automakers in India mostly report dispatches from factories to dealerships and not retail sales to customers.

Vinod Aggarwal, President, SIAM said, “Positive consumer and business sentiments has reflected in the better sales in the month of November 2022, compared to the previous year. We note a sequential decline over October 2022 attributable to seasonality and softness in key export markets.”

Sales of three-wheelers more than doubled to 45,664 units in November. In the two-wheeler segment, wholesale went up by 16.5% to 1,236,190 units last month. While sales of motorcycles grew 12.7% to 788,893 units, those of scooters rose 29% to 412,832 units.

“Passenger vehicles posted highest ever sales in FY 2022-23 till November, while the three-wheelers are still lower than 2010-11 and two-wheelers are less than 2016-17”, informed Rajesh Menon, Director General, SIAM.

However, Menon cautioned, “ Higher interest rates and increase in long term insurance premium, continues to be a concern for the consumers.”