14 % Passenger Vehicle Sales is Accelerated this August: SIAM

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Passenger vehicle sales accelerated by 14 per cent in August to 2.15 lakh as against 1.89 lakh units in the same month of last year, the Society of Indian Automobile Manufacturers (SIAM) said.

Two-wheeler sales rose by 3 per cent at 15.6 lakh units as compared to 15.1 lakh units in August last year.

Motorcycle sales were up over 10 per cent at 10.3 lakh units versus 9.4 lakh units in August 2019. But scooter dipped by 12 per cent at 4.5 lakh units as against 5.2 lakh units in the same period.

SIAM said three-wheeler sales crashed by 75.3 per cent to 14,534 units as compared to 58,818 units in August last year. Quadricycles sales totalled 21.6 lakh units as against 22.3 lakh units, marking a de-growth of 3 per cent.

“We are beginning to observe growth which is instilling the confidence back into the industry, especially in the two-wheeler and the passenger vehicle segments,” said SIAM President Kenichi Ayukawa.

Even though the industry witnessed year-on-year growth in August, it is to be recognised that the base figures in August 2019 itself were very low, he added.

“Still, 14 per cent growth of passenger vehicles and 3 per cent growth in two-wheelers in indicate trends of recovery for the industry, though it is on the backdrop of pent-up demand and beginning of a festive season this month,” said Ayukawa.

SIAM Director General Rajesh Menon said the industry is positive that the coming festive season will pave way for a faster revival of the industry.

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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