Passenger vehicle sales surge 14% to 393,074 units in January: SIAM

Passenger vehicle sales for January was 3,93,074, as compared to 3,46,080 in the same period last year.

The total production of Passenger Vehicles, Three Wheelers, Two Wheelers, and Quadricycle in January 2024 was 23,28,329 units.

Passenger vehicle makers reported record-breaking sales in January, which rose 14% from a year earlier to 393,074 units as dealers restocked inventories depleted during year-end sales promotions.

As per data available with industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales stood at 346,080 units in January 2023 and had previously peaked at 391,811 units in October 2023. Automakers in India mostly report wholesale dispatches from factories to dealerships and not retail sales to customers.

Industry volumes were propelled by Maruti Suzuki, Hyundai Motor India and Tata Motors who posted robust sales last month.

Sales of two-wheelers stood at 14,95,183 units last month, which is an increase of 26% over 11,84,376 units in the same period last financial year. Three-wheeler sales went up by 9.5% to 53,537 units in January.

 Commenting on sales data of January 2024, Mr Vinod Aggarwal, President, SIAM said, “Passenger Vehicle sales have remained resilient led by positive consumer sentiments, while Two-Wheeler Segment witnessed good growth in January as well, as the rural market continues to recover. Three-Wheeler segment has also performed better. Though the Commercial Vehicle Sector did not grow in January 2024, it is likely to see good offtake in next 2 months of this financial year. Government’s strategic focus on mobility in Budget 2024, including strengthening the electric vehicle ecosystem, especially the charging infra and public transport, should help in continuing with the overall growth momentum for the Auto Sector.”

Commenting on January 2024 performance, Mr Rajesh Menon, Director General, SIAM said, “Passenger Vehicles again saw highest ever sales in the month of January posting a growth of 14%, as compared to the previous year. Three-Wheeler sales grew by 9% during January 2024 while Two-Wheelers posted a good growth of 26% in January 2024, compared to January 2023. Passenger Vehicles and Three-Wheelers continue to post their highest ever sales till date, in FY 24, for the period April to January.”