Passenger vehicles sales show 21% growth in August with improved chip supply
1 min read 09 Sep 2022, 12:40 PM ISTThe improvement growth in passenger vehicles comes amid the improvement in semiconductor shortage issues as well as anticipation for the upcoming festive season
PremiumIndustry body Society of Indian Automobile Manufacturers(SIAM) says passenger vehicle wholesales in India witnessed a 21 percent annual growth in the month of August. Reports suggest that the increase in sales could be attributed to improved supplies of semiconductors and festive demand.
The latest SIAM data shows that passenger vehicle dispatches to dealers stood at 2,81,210 units in August 2022 compared to 2,32,224 units in the corresponding period last year.
There was also a marked improvement in the two-wheeler wholesales increasing from 13,38,740 units in August 2021 to 15,57,429 units in August 2022, showing a year-on-year growth of 16 percent.
A similar trend was seen in the three-wheeler sector where sales rose from 23, 606 units in August 2021 to 38,369 units in August 2022, an improvement of 63 percent.
Across the segments, sales rose from 15,94,573 units in August 2021 to 18,77,072 units in August 2022, an overall improvement of 18 percent.
The improved passenger vehicle sales come amidst the improvement in semiconductor issues and with the industry gearing up for the upcoming festive season.
SIAM Director General Rajesh Menon, as quoted by news agency PTI said, "While a good monsoon and the upcoming festive season is likely to increase demand, SIAM is keeping a close watch on the dynamic supply-side challenges,"
Menon however cautioned CNG price to be a big challenge for the industry and looks forward to government intervention and support.
With inputs from PTI
