2.91 lakh passenger vehicles sold; Maruti Suzuki, Hyundai Motor top sellers in Feb: SIAM data

February auto sales 2023: The Union Budget led to an increase in car sales as 2,91,928 units of passenger vehicles were sold in February 2023 versus 2,62,984 units sold in the same period last year. Maruti Suzuki sold 1,02,565 units in February this year versus 99,398 units in the corresponding period last year. Hyundai Motor was the closest competitor with sales of 24,493 units in February 2023 versus sales of 21,501 units in February 2022, as per the latest Society of Indian Automobile Manufacturers (SIAM) data. 

34,61,716 passenger vehicles were sold in April-February 2022-23 whereas 26,66,109 passenger units were sold in April-February 2021-22. During this period in 2022-23, Maruti Suzuki sold 10,25,836 units of passenger vehicles whereas Hyundai Motor sold 2,42,436 units of passenger vehicles. In the same period last year, Maruti Suzuki sold 8,32,873 units of passenger vehicles whereas Hyundai Motor sold 2,08,835 units. 

SIAM President Vinod Aggarwal attributed the rise in sales to the encouraging provisions in the Union Budget 2023-24 for consumers.  Aggarwal said, “Overall positive sentiments in the market continues, which is also driven by encouraging announcements at the Union Budget for consumers. Auto Industry is fully geared up for transition to Phase 2 of BS 6 Emission Norms for all categories of vehicles from next month” However, he sounded a cautionary note with regards to the hike in repo rate by the Reserve Bank of India (RBI) and higher cost of borrowings and also urged the government to ensure moderation of CNG prices. 

Aggarwal noted, “Hike in Repo Rates in February, which would result in higher cost of borrowings, remains a concern and we hope that the rates would get moderated suitably. Moderation of CNG Fuel Prices is also important for expanding the footprint of Gas Based Mobility which is critical for Sustainable Mobility.”

SIAM Director-General Rajesh Menon said that passenger vehicles posted the highest-ever sales of February and the two-wheeler segment also reported notable growth in the same period. Menon, however said, “The Two-Wheeler segment posted a moderate growth of 8 per cent 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 the Passenger Vehicles.”

Also read: India's fuel demand hits 24-year high in February 

Also WATCH | Best-selling cars of Feb 2023: Maruti Suzuki dominates with Baleno, Swift, Alto

Also read: Mercedes Benz cars to get expensive by up to Rs 12 lakh; check details

Also WATCH | Maruti Suzuki Jimny, Fronx, Brezza CNG: All details about the 3 upcoming SUVs

Also read: Maruti Suzuki Jimny Heritage edition debuts in THIS country: Check features and more

Watch: Nithyananda's Kailasa-like self-proclaimed nations: Republica Glaciar, Liberland, Sealand, and more