Automobile sales recorded double digits growth of 13.5% in May. About 334,247 cars, sedans and utility vehicles were dispatched from factories to dealerships.
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The domestic auto industry recorded the highest dispatches of passenger vehicles in May. The growth in the sector was driven by sustained demand and regular supplies of passenger vehicles, three-wheelers and two-wheelers.
According to the sales data released by the Society of Indian Automobile Manufacturers (SIAM), the Indian automobile industry witnessed a growth of 17.99%. As per the data, the industry registered ‘domestic cumulative’ sales of 18,08,686 units in May 2023 as against 15,32,861 units sold in May 2022.
SIAM president Vinod Aggarwal said, “We anticipate this trend to continue, supported by the prevailing economic environment.”
About 334,247 cars, sedans and utility vehicles were dispatched from factories to dealerships in May, logging an increase of 13.5% year-on-year. The three-wheelers sales increased by 70.4% to 48,732 units. Whereas two-wheelers sales grew by 17.4% to 1,471,550 units.
The sales of motorcycles increased by 20.6% to 989,120 units in May, while the sales of scooters grew by 12% to 446,593 units.
Mr. Rajesh Menon, Director-general SIAM, informed that despite the strong year-on-year growth, the two-wheeler sales remained lower than the 2016-17 levels. While the three-wheelers sales remained lower than the 2018-19 levels.
The exports during the month, however, declined by 21.54%. About 3,39,132 units were distributed in May 2023, as compared to 4,32,227 units distributed during the same period last year.
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