According to the report, the Indian automobile industry experienced modest growth of 2.95 per cent in July 2023.
The Society of Indian Automobile Manufacturers (SIAM) has released its sales data for the month of July 2023 and the cumulative period of April–July 2023. According to the report, the Indian automobile industry experienced modest growth of 2.95 per cent in July 2023. The cumulative sale of passenger vehicles for the month reached 3,02,521 units, marking a slight increase from the 2,93,865 units sold in July 2022. Notably, exports for the same month stood at 59,594 units, reflecting a growth of 10.55 per cent compared to July 2022.
Vinod Aggarwal, President of SIAM, said, “Though the Passenger Vehicle and Three-Wheeler segments are performing well, there has been a degrowth of Two-Wheelers in July 2023, compared to July 2022. Overall, we expect that the positive economic environment, good monsoons, and upcoming festive season will support continued growth in the Auto Industry.”
The sale figures for two-wheelers in July 2023 revealed a decline, with 12,82,054 units sold, compared to 13,81,303 units in the corresponding period of the previous year. This represented a decrease of 7.19 per cent. Cumulatively, the industry sold 16,40,727 units, indicating a decline of 3.86 per cent in comparison to the 17,06,545 units sold in the same month of the previous year.
Rajesh Menon, Director General, SIAM, said, “Sales of Passenger Vehicles of July 2023 have been the highest ever in July compared to July 2022. Three Wheelers also posted a decent growth of 78.9% compared to the last year, which is the 2nd highest in the month of July, after the peak of 2018-19. However, after posting growth in each of the previous last 3 months in this financial year, the Two-Wheeler segment de-grew by 7.2 per cent in July 2023, compared to last year.”
Looking at the April-July 2023 period, the industry sold 12,98,495 passenger vehicles, reflecting a marginal growth of 7.82 per cent in comparison to the 12,04,360 units sold during the same period in the previous year. The two-wheeler sales for this period stood at 54,23,018 units, indicating a growth of 6.21 per cent from the 51,05,836 units sold in April-July 2022.
Cumulatively, the industry recorded sales of 69,22,283 units in the April-July 2023 period, a surplus of 7.86 per cent compared to the 64,17,967 units sold during the same period in 2022.
Hyundai India Unveils 'Samarth' Project For Persons With Disabilities
Team AckoDrive Nov 22, 2023
New Ather Family Scooter Confirmed, Launch in 2024
Chinmay Hadkar Nov 22, 2023
Honda CB350 Accessories Revealed
Chinmay Hadkar Nov 22, 2023
Apple Analyst Predicts iPhone 16 Pro Models Will Add 5x Zoom Camera
Sahil Mohan Gupta Nov 22, 2023