Domestic passenger vehicle (PV) sales grew at 20% in September, touching the highest volumes in over four and a half years, led by record sales in the utility vehicles segment, reports fe Bureau in Mumbai. Buoyed by the sustained performance, SIAM expects growth in the segment in the current fiscal to be in the 10-13% range.
“The passenger vehicle numbers represent build-up of inventories for the festive season. Besides, various carmakers have been able to sort out capacity issues leading to supply of certain models which are in high demand,” SIAM deputy director general Sugato Sen said.
“The industry is geared up for the festive season. We expect it to be better than previous years,” SIAM director general Vishnu Mathur said.
However, Mathur expressed worry at the 21% decline % in the medium and heavy commercial vehicle segment. “It is a worry area. Although activity in core sectors like mining has begun, actual action on ground is yet to take off,” he said.