Passenger Vehicle Wholesales Record 9% YoY Increase In August

PV wholesales India: Passenger Vehicle (PV) wholesales in India registered a notable 9 per cent year-on-year increase in August, reaching a total of 3,59,228 units. This surge in sales was primarily driven by the strong performance of Utility Vehicles during the same month, according to data released by the Society of Indian Automobile Manufacturers (SIAM). In August of the previous year, the total PV sales stood at 3,28,376 units.

Vinod Aggarwal, President of SIAM, in a statement, said, "Last month saw the highest-ever August month sales for Passenger Vehicles and Three-Wheelers, while Two-Wheeler sales remained at levels similar to a year ago."

Several factors contributed to these robust wholesale numbers. They include a substantial surge in vehicle demand associated with the onset of the festive season, increased production levels that reduced waitlists for popular models, and sustained economic growth. 

Total passenger vehicle sales record 7% YoY increase

According to data from the Federation of Automobile Dealers Associations (FADA), carmakers recorded total passenger vehicle sales of 3,15,153 units last month, marking a 7 per cent year-on-year increase compared to August 2022 when 2,95,842 units were sold.

Within the PV segment, Maruti Suzuki reported domestic sales of 1,56,114 units, a 16.4 per cent growth compared to the same month last year, where they sold 1,34,166 units. Similarly, Hyundai Motor India dispatched 53,830 units to dealers in August, up from 49,510 units during the same month in the previous year.

The Utility Vehicle segment notably contributed to this growth trend.

In the three-wheeler category, sales surged to 64,763 units in August compared to 38,369 units during the same month the previous year. Two-wheeler dispatches also saw a slight uptick, rising to 15,66,594 units from 15,57,429 units.

Aggarwal expressed optimism, stating, "Based on the performance of last month, we are even more optimistic for demand to pick-up during the festive season, enabled by positive economic outlook and the revival of monsoon after a deficit in August." The commercial vehicle segment also demonstrated positive growth in August 2023.