Passenger vehicle wholesales see over two-fold increase in May
Passenger vehicle dispatch in the country increased over two times last month compared to the same period last year. According to the Society of Indian Automobile Manufacturers (SIAM), wholesales of passenger vehicle units registered a growth up to 2,51,052 units against the 88,045 units in May last year.
Sales of two-wheelers also increased last month to 12,53,187 units against the 3,54,824 units in the same period in the preceding year. Total dispatches of three-wheeler stood at 28,542 units in May as against 1,262 units in the same period in 2021. According to a report by PTI, the overall sales of passenger vehicles, two-wheelers and three-wheelers increased to 15,32,809 units last month. The overall sales figures stood at 4,44,131 units in the preceding year.
SIAM Director General Rajesh Menon mentioned sales of two-wheelers and three-wheelers remained sluggish last month, however, they remained low to what it was nine to 14 years ago. He also added the sales of the passenger vehicle segment still stayed below the 2018 level. “Recent Government interventions would help in easing of the supply-side challenges, but the second hike in repo rates by RBI and increase in third party insurance rates could become more challenging for the customers, thereby impacting demand," said Menon.
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The total production of passenger vehicles --excluding brands such as BMW, Tata Motors, Mercedes-Benz and Volvo – with two-wheelers, and quadricycle last month stood at 19,65,541 units. The report mentioned these figures stood at 8,08,755 units in the same month in the preceding year as it was massively impacted due to the second wave of the Covid pandemic.