Home Business Passenger vehicles set new sales record in February: SIAM

Passenger vehicles set new sales record in February: SIAM

by Trend News
2 minutes read
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Improvement is being seen in the auto sector segment. Record-breaking sales of passenger vehicles have been achieved in the industry so far.

Auto companies have sold about 2.92 lakh passenger vehicles in February 2023, which is the highest ever in February. Society of Indian Automobile Manufacturers (SIAM) has given this information.

According to SIAM data, 2.92 lakh units of vehicles were sold in February. At the same time, between April 2022 and February 2023, 34.62 lakh cars and utility vehicles have been sent to the dealership. This is 2.5% more than the 33.77 lakh units in the full year of 2018-19.

According to SIAM, due to the increasing demand for cars and utility vehicles, this record jump in sales has been seen. Sales were up 30% in April-February compared to the same time last fiscal, with utility vehicles up 40% and passenger cars up 22%.

Vehicle sales were very high in 2018-19. But due to Covid there was a decline for 2 years. However, after the removal of Covid restrictions again in 2021-22, there has been a steady increase in the sales of vehicles.

In February, there has been an 11% increase in passenger vehicles on an annual basis. Whereas, 2-wheelers and 3-wheelers have seen an increase of 7.6% and 86%. During February, auto sales increased by 9.8% to 14.7 lakh units.

Highest sales of vehicles in February

SIAM Director General Rajesh Menon said that this is the highest ever sale of passenger vehicles in February.

SIAM President Vinod Agarwal said that there is a positive sentiment in the market. This is also the effect of encouraging announcements in the General Budget (2022-23) for the consumers.

Auto Wholesale Sales (YoY) in February

  • Passenger vehicles sales increased by 11% to 2.92 lakh units.
  • Car sales increased by 6.5% to 1.42 lakh units.
  • Utility vehicle sales increased by 15% to 1.38 lakh units.
  • Two-wheeler sales increased by 7.6% to 11.3 lakh units.
  • Motorcycle sales grew by 6.9% to 7.03 lakh units.

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