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Oct passenger vehicle sales dip 27% YoY on chip shortage, hike in raw material cost: SIAM

Oct passenger vehicle sales dip 27% YoY on chip shortage, hike in raw material cost: SIAM

The passenger vehicle (PV) sales stood at 2,26,353 units in October 2021 as compared with 3,10,294 units in the same period last year.

 The passenger vehicle sales stood at 1,60,070 units last month. The passenger vehicle sales stood at 1,60,070 units last month.

Passenger vehicle wholesales in India saw a 27 per cent year-on-year (YoY) decline in October on account of semiconductor shortage and a steep hike in raw material cost which have been a major spoilsport for the industry, auto industry body Society of Indian Automobile Manufacturers (SIAM) said on Friday.

The passenger vehicle (PV) sales stood at 2,26,353 units in October 2021 as compared with 3,10,294 units in the same period last year. The PV sales stood at 1,60,070 units last month.

Also Read: Passenger vehicles sales fall over 40% in Sept amid rising costs, chip crunch

Commenting on the October 2021 sales data, Rajesh Menon, Director General, SIAM said, "The Passenger Vehicles sales in October 2021 were down by (-) 27.15% and Two-Wheelers were down by (-) 24.94% compared to October 2020. Though the numbers of Three-Wheelers in October 2021 sold were more than the previous year, it is still less than half of what was sold in October 2019."

"Manufacturers were banking on the festive season to recover from the severe drop in sales they have faced in the early part of financial year 2021-22. However, shortage of semiconductors and steep hike in raw material cost have been a major spoilsport for the Industry," he added.

As per the latest data by SIAM, two-wheeler dispatches to dealers also witnessed a 25 per cent decline to 15,41,621 units in October 2021, compared with 20,53,814 units in the same period last year.

Also Read: Tata Motors logs 31% rise in domestic vehicle sales in October

However, three-wheeler sales saw a 21.33 per cent YoY increase in October 2021 at 31,774 units as compared to 26,187 units during the corresponding period last year.

Meanwhile, total production of passenger vehicles, three-wheelers, two-wheelers and quadricycles in April-October 2021 stood at 1,29,51,830 units. 

In terms of domestic sales, PV sales were at 16,14,067 units in April-October 2021, whereas, three-wheeler and two-wheeler sales stood at 127,195 units and 80,59,237 units in the said period, respectively.

In the July-September quarter, passenger vehicle wholesales, however, witnessed a marginal increase of 2 per cent to 7,41,300 units as compared with 7,26,232 units in the same period of last fiscal.

Two-wheeler dispatches during the September 2021 quarter stood at 41,13,915 units, down 12 per cent from 46,90,565 units in the second quarter of the financial year 2020-21.

Also Read: Semiconductor shortage to bring down India's PV sales growth to 11-13% in FY22: CRISIL