Auto Sales: 26.21 lakh vehicles sold in October 2023, highest ever sales in the month for PVs, says SIAM | Mint
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Business News/ Auto News / Auto Sales: 26.21 lakh vehicles sold in October 2023, highest ever sales in the month for PVs, says SIAM
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Auto Sales: 26.21 lakh vehicles sold in October 2023, highest ever sales in the month for PVs, says SIAM

Passenger Vehicle sales were 3,89,714 units in October 2023. This the highest-ever numbers posted in the month, SIAM said

File Image: A row of vehicles sit on the lot for sale (Photographer: Steve Hockstein/Bloomberg News)Premium
File Image: A row of vehicles sit on the lot for sale (Photographer: Steve Hockstein/Bloomberg News)

The Society of Indian Automobile Manufacturers (SIAM) has on November 10 released numbers for the auto industry performance in October 2023.

As per the SIAM data, the total production of Passenger Vehicles, Three-wheelers, Two-wheelers, and Quadricycle in October 2023 was 26,21,248 units. For passenger vehicles in particular, the segment saw 15.9 percent growth year-on-year (YoY) - a record milestone.

Also Read: Share of entry-level cars in India's PV market plummets to record low

In terms of domestic sales

– Passenger Vehicle sales were 3,89,714 units in October 2023.

– Three-wheeler sales were 76,940 units in October 2023

– Two-wheeler sales were 18,95,799 units in October 2023.

Vinod Aggarwal, President, SIAM credited the festive season and favourable government policies for the sales boost.

Also Read: From input cost to high demand, what's fuelling auto sector's growth?

“Both passenger vehicles and three-wheelers have posted highest-ever sales in October, while the two-wheeler segment has also posted good sales in the month of October 2023. All three segments have posted double-digit growth. This growth momentum is encouraging for the industry," he added. 

Highest-ever growth in October

Rajesh Menon, Director General, SIAM said that passenger vehicles posted the highest-ever sales of October of 3.90 lakh units, with a growth of 15.9 percent, compared to last year. 

Also Read: Small car sales in India plunge 75% as rural incomes decline

Three-wheelers also reported a decent growth of 42.1 percent, posting sales of about 0.77 lakh units in October 2023. And 18.96 lakh units of two-wheelers were sold, with a growth of 20.1 percent YoY, he added. 

Entry-level cars

Earlier in October, SIAM reported that the sales of entry-level cars slumped 75 percent to 35,000 units in the three months through September from a year earlier. Sales of motorcycles and scooters — favored modes of transport in villages due to their affordability — also fell 39 percent and 25 percent respectively.

Farm wages have remained subdued after a ban on wheat and rice exports hurt rural incomes. India’s June-September rainfall, which waters half of the country’s farmland, also remained deficient, threatening crop harvests and adding to rural stress, it added. 

 

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Published: 10 Nov 2023, 11:14 AM IST
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