According to numbers shared by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicles (PV) have recorded their highest-ever sales in November 2022. Owing to positive consumer and business sentiments, PV has recorded a 28% increase in year-on-year (Y-o-Y) sales.
The total PV dispatches to domestic dealers that includes passenger cars, UVs and vans were recorded at 2,76,231 units in November 2022 against 2,15,626-unit sales in November 2021.
Total PV exports for November 2022 stood at 53,959 against 44,265 at the same time last year
The positive sentiment is said to have been aided by robust demand for both utility vehicles (UV) and cars. As per the SIAM report, the UV segment grew by 32% to 1,38,780 units in November 2022 from 1,05,091 units at the same time last year.
Commenting on November sales, Vinod Aggarwal, President of, SIAM has been quoted saying that positive consumer and business sentiments have reflected in the better sales in November 2022, compared to the previous year. Having said that, SIAM has noted a sequential decline over October 2022 attributable to seasonality and softness in key export markets.
Rajesh Menon, Director-General, SIAM commented on the total PV exports for November 2022 and said that although passenger vehicles posted the highest ever sales in FY2022-23 till November, the three-wheelers are still lower than 2010-11. He also noted that two-wheelers are less than in 2016-17 and highlighted that higher interest rates and increase in long-term insurance premium, continues to be a concern for consumers.
