India automobile gross sales: Automotive gross sales contact document mark in February amid higher provides and powerful client demand

As per knowledge accessible with business physique Society of Indian Car Producers (SIAM), as many as 370,786 vehicles, sedans and utility automobiles have been bought final month, which is a rise of 10.8% over 334,790 items reported in the identical interval final yr.

This was the third highest month-to-month gross sales on document, behind 3,94,500 items the earlier month and three,91,811 items in October 2023. Automakers in India principally report wholesale dispatches from factories to dealerships and never retail gross sales to clients.

Whereas three-wheeler gross sales elevated 8.3% to 54,584 items in February, these of two-wheelers went up by 35% to 1,520,761 items on again of a resurgence in demand significantly in rural markets.

Rajesh Menon, Director Common, SIAM, stated, “Passenger automobiles reported its highest ever gross sales of February posting gross sales of three.7 lakh items with a progress of 10.8%, in comparison with February 2023. Three-wheelers additionally reported average progress of 8.3% posting gross sales of about 0.55 lakh items in February 2024. Two-wheelers posted an considerable progress of 34.6% in comparison with February 2023 posting gross sales of 15.2 lakh items.” Gross sales of economic automobiles, although, dipped final month resulting from cyclicity of demand.

Vinod Aggarwal, President, SIAM, stated, “General sturdy GDP progress of the nation in Q3 of 2023-24 has helped the auto sector, the business expects the expansion momentum to proceed.”