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Carmakers report best-ever February sales as demand remains robust for utility vehicles: SIAM

Passenger car wholesales, however, witnessed a dip of 18% last month at 1,15,937 units, as against 1,42,201 units in February 2023.

Carmakers report best-ever February sales as demand remains robust for utility vehicles: SIAM

Tuesday March 12, 2024 , 3 min Read

Passenger vehicle wholesales in India rose 11% year-on-year in February riding on the back of strong demand for utility vehicles, industry body SIAM said on Tuesday.

The total passenger vehicle dispatches to dealers last month stood at 3,70,786 units, compared with 3,34,790 units in the year-ago period.

Utility vehicle sales rose 38% to 1,91,435 units in February, compared with 1,38,238 units in the same month last year.

Passenger car wholesales, however, witnessed a dip of 18% last month at 1,15,937 units, as against 1,42,201 units in February 2023.

Van dispatches rose to 12,147 units last month, compared with 11,489 units in the same month last year.

"Passenger vehicles again reported its highest-ever sales of February posting sales of 3.7 lakh units with a growth of 10.8%, as compared to February 2023," SIAM Director General Rajesh Menon said in a statement.

Maruti Suzuki led the segment last month with a dispatch of 1,60,271 units to its dealers. It had reported wholesales of 1,47,467 units in February 2023.

Hyundai Motor India reported sales of 50,201 units in February, as against 47,001 units in the year-ago period.

The total two-wheeler wholesales rose 35% to 15,20,761 units in February, as against 11,29,661 units in the same month last year.

Scooter dispatches rose to 5,15,340 units last month, against 3,91,054 units in the year-ago period.

Similarly, motorcycle wholesales rose to 9,64,362 units, compared to 7,03,261 units in February 2023.

Three-wheeler dispatches rose to 54,584 units last month, against 50,382 units in February last year.

"Passenger vehicles, two-wheelers, and three-wheelers have posted growth in February 2024, compared to the previous year, while commercial vehicles have witnessed a slight de-growth," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said.

Overall robust GDP growth of the country in the third quarter of 2023-24 has helped the auto sector, he added.

The Bharat Mobility Global Expo 2024 has also created a strong positive sentiment for the consumers and therefore the Industry expects the growth momentum to continue, Aggarwal said.

Automobile retail sales in India had risen 13% year-on-year in February with all the segments, including passenger vehicles and two-wheelers, witnessing robust offtake.

Overall retail sales stood at 20,29,541 units last month, compared with 17,94,866 units in the year-ago period.

Passenger vehicle sales grew 12% to 3,30,107 units last month, against 2,93,803 units in February 2023.

Two-wheeler sales stood at 14,39,523 units, up 13%, compared with 12,71,073 units in the same period last year.


Edited by Kanishk Singh