The automotive wholesales is seeing month-on-month improvement across vehicle segment but in particular, the passenger vehicle segment is on a dream run. For February 2023, the overall wholesales came at 14,72,078 units, which was 10 percent higher YoY.
The passenger vehicle wholesales came at 291,928 units, up 11 percent, a record number for February, indicating that the segment is set to achieve a record sales year.
The two- and three-wheeler segments are yet to reach pre-pandemic sales levels, and for February the wholesales came at 11,29,661 units and 50,382 units, a growth of 8 percent and 86 percent respectively. The quadricycle segment saw sales of 107 units, compared to 10 units a year ago.
Vinod Aggarwal, President, SIAM said, “Overall positive sentiments in the market continues, which is also driven by encouraging announcements at the Union Budget for consumers. Auto Industry is fully geared up for transition to Phase 2 of BS 6 Emission Norms for all categories of vehicles from next month. Hike in Repo Rates in February, which would result in higher cost of borrowings, remains a concern and we hope that the rates would get moderated suitably. Moderation of CNG Fuel Prices is also important for expanding the footprint of Gas Based Mobility which is critical for Sustainable Mobility.”
Rajesh Menon, Director General, SIAM said, “Passenger Vehicles posted its highest ever sales of February and the Three-Wheeler segment posted appreciable growth this month, compared to last two years. The Two-Wheeler segment posted a moderate growth of 8% in February 2023, compared to February 2022. In the period April – February, Two and Three-Wheelers are yet to reach the pre-Covid levels, though it is the highest ever for the Passenger Vehicles.”
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