Passenger Vehicles in Q1 of Apr-June 2023 has been the highest ever with a growth of 9.4%- SIAM Report

Commercial Vehicles have de-grown by (-)3.3% in this Quarter, compared to Q1 of last financial year

New Delhi- SIAM (Society of Indian Automobile Manufacturers)., has released the quarterly and the monthly performance data  where the sales of Passenger Vehicles were 3,27,487 units, Three Wheelers at 53,019 units, Two Wheelers at 13, 30, 826 units  and the total production of the three added with the Quadricycle during April to June 2023 stood at 20,24,703 units respectively, where BMW, Mercedes, JLR data aren’t included.

Regarding the first quarter of the financial year, the sales of Passenger vehicle stands at 9,95,974 units; Commercial vehiles sales at 2,17,046 units; Three- Wheelers at 1,44,475 units and the Two Wheeler sales at 41,40,964 units, with a total production of all the above and the Quadricycle stood at 65,03,626 units respectively, where BMW, Mercedes, JLR, Volvo Auto, Daimler, JBM Auto & Scania were not considered.

Commenting on sales data of Q1 for 2023-24, Mr Vinod Aggarwal, President, SIAM said, “In the quarter, the Auto Industry seamlessly transited to the very stringent BS 6 Phase 2 Emission Norms from 1st April 2023, reflecting the commitment of the Industry towards the environment. Overall Passenger Vehicles, Two-Wheelers, Three-Wheelers and Commercial Vehicles have performed well in Q1 of 2023-24, although some sub-segments have shown slight momentary decline, compared to Q1 of last year. With expectations of a reasonable Monsoon, which has now covered most parts of the country, coupled with lowering inflation, we expect the economy to continue to grow, which in turn should help the Auto Sector. High interest rates remain a concern.”

Commenting on the Q1 2023-24 performance, Mr Rajesh Menon, Director General, SIAM said, “Sales of Passenger Vehicles in Q1 of Apr-June 2023 has been the highest ever with a growth of 9.4%, compared to the previous year. The Passenger Vehicle segment crossed 2 million units in the first half of Calendar year for the first time. Two-Wheelers also posted a growth of 11.2% in this Quarter, compared to last year, but are still lower than 2016-17 levels. Domestic sales of Three-Wheelers in Q1 of 2023-24 grew by 89.4% compared to last year albeit on a low base, but are still lower than the 2018-19 levels. Commercial Vehicles have de-grown by (-)3.3% in this Quarter, compared to Q1 of last financial year.”