As per information obtainable from the business physique Society of Indian Vehicle Producers (SIAM), as many as 389,714 vehicles, sedans and utility autos had been offered within the month into account, which is a rise of 15.9% over 336,330 items offered in the identical interval within the final monetary 12 months.
That is the tenth straight month that month-to-month gross sales of passenger
autos have breached the all time mark this 12 months. The expansion within the passenger car phase was supported by demand for utility autos, which now account for greater than half the passenger autos offered within the native market.
Shashank Srivastava, senior govt officer (advertising and gross sales), MSIL stated the festive season has gone nicely to date serving to the corporate improve its market share by 1.3% to 43% in October. “January onwards, each month has been a best-ever month for the business, which is a really constructive signal. With the semi-conductor disaster fading, automakers have been capable of improve manufacturing which helped the business report its highest-ever gross sales for any month in October. Retails too have been good, which have inspired sellers to construct up shares for Diwali”, he knowledgeable.
Tarun Garg, Chief Working Officer (COO), HMIL agreed, “Bookings influx stay wholesome. Regardless of the geopolitical uncertainties, demand momentum has remained sturdy which reveals the resilience of the home market.”Actually, buyer demand was sturdy throughout segments with three-wheelers and two-wheelers to posting wholesome development in October. Whereas gross sales of three wheelers went up by 42.1% final month, these of two-wheelers rose 20.1% to 1,895,799 items in the identical interval. Vinod Aggarwal, President, SIAM stated, “Each passenger autos and three/wheelers have posted highest ever gross sales of October, whereas two-wheelers phase has additionally posted good gross sales within the month of October 2023. All of the three segments have posted double-digit development.”
Rajesh Menon, Director Basic, SIAM confirmed, “Passenger autos posted the very best ever gross sales of October of three.90 lakh items, with a development of 15.9%, in comparison with final 12 months. Three-wheelers additionally reported an honest development of 42.1%, posting gross sales of about 0.77 lakh items in October 2023. 18.96 Lakh Models of Two-Wheelers had been offered in October 2023, with a development of 20.1%, as in comparison with October 2022.”
Automakers in India largely report wholesale dispatches from factories and never retail gross sales to clients.
“This development momentum is encouraging for the business which has been enabled by sustained conducive insurance policies of the Authorities and the continuing festive season”, Aggarwal added.
Within the two-wheeler phase, market chief Hero MotoCorp stated it expects demand to stay sturdy on the again of latest product launches within the premium phase and good shopper sentiment within the festive season.
In the meantime, within the passenger car phase the expansion fee could taper off on a excessive base submit the festive season, business executives stated, passenger car gross sales ought to cross the 4 million mark for the primary time by the shut of the fiscal 12 months.