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2.91 lakh passenger vehicles sold in October boosted by festive sales: SIAM

2.91 lakh passenger vehicles sold in October boosted by festive sales: SIAM

As per the latest data, a total of 291,113 passenger vehicles were sold in October, which is almost 60,000 units more than the October 2021 numbers. But it is less than the September 2022 figures, where 307,389 passenger vehicles were sold.

Earlier this year, sales were affected due to a global shortage of semiconductors, which had affected automakers across all segments Earlier this year, sales were affected due to a global shortage of semiconductors, which had affected automakers across all segments

The Society of Indian Automobile Manufacturers (SIAM) in its latest report has that there was significant growth across all passenger vehicles following the domestic festive season. As per the latest data, a total of 291,113 passenger vehicles were sold in October, which is almost 60,000 units more than the October 2021 numbers. But it is less than the September 2022 figures, where 307,389 passenger vehicles were sold.  

Earlier this year, sales were affected due to a global shortage of semiconductors, which had affected automakers across all segments forcing them to cut down production.

As per SIAM data, the monthly sales and export in 2022 have shown significant growth despite the challenges. The overall picture of the Indian automotive manufacturers is positive after the pandemic period.  

On the segment-wise sales front, 140,926 units of passenger cars were sold in October 2022 in comparison to 103,829 units in October last year. A total of 141,254 units of utility vehicles (UVs) were sold in the month of October versus 112,112 units in October last year. Around 8,933 units of vans were sold in July 2022, which is less than 10,412 units sold in the same period last year. 

Three-wheeler wholesales last month rose to 54,154 units from 31,812 units in the year-ago period. The total dispatches of passenger vehicles, three and two- wheelers last month stood at 19,23,032 units, up 6 per cent from 18,10,856 units in October 2021. 

Total two-wheeler dispatches last month increased 2 per cent to 15,77,694 units as compared to October 2021. 

Commenting on October sales, Vinod Aggarwal, President, SIAM said: “Good market sentiments coupled with festive boost, resulted in higher sales in October, especially for Passenger Vehicles. Higher inflation and rising interest rates have impacted the rural market more, thereby returning marginal growth of the Two-Wheeler segment. Passenger Three Wheelers is seeing better off-take due to increased shared mobility in semi-urban and urban areas.” 

The passenger vehicles reported the highest-ever domestic sales in April-October 2022. But the sales of two-wheelers in these seven months this fiscal were still lower than that of 2016. 

“The sales of two-wheelers from April to October 2022 are still lower than that of 2016, while for three-wheelers it is lower than in 2010. Similarly, exports of Passenger Vehicles continued to grow, while there has been a drop in exports of both two and three-wheelers,” said SIAM Director General Rajesh Menon.