The Society of Indian Automobile Manufacturers (SIAM) has revealed that August 2023 witnessed achievements in the Indian automotive industry, with the highest-ever year-on-year monthly sales for Passenger Vehicles and Three-wheelers.
The announcement was made by SIAM during the release of the monthly sales data for August 2023. Highest-ever passenger vehicle sales reported. This growth reflects the resilience and dynamism of the sector.
In the Three-Wheeler category, sales witnessed an extraordinary surge, with 64,763 units sold in August 2023 compared to 38,369 units in the same month the previous year, registering a remarkable year-on-year increase.
Two-wheeler sales remained robust, with 15,66,594 units sold in August 2023, a marginal increase from the 15,57,429 units sold in August 2022.
Commenting on the sales data for August 2023, Vinod Aggarwal, President of SIAM, expressed his enthusiasm for the sector’s performance.
Vinod Aggarwal stated, “Last month witnessed the highest-ever August month sales for Passenger Vehicles and Three-Wheelers, while Two-Wheeler sales remained stable compared to a year ago. We have also observed significant growth in the Commercial Vehicle segment in August 2023”.
“Based on last month’s performance, we are even more optimistic about the upcoming festive season, driven by a positive economic outlook and the revival of monsoon following a deficit in August”, said Aggarwal.
SIAM’s report detailed the robust growth across various segments of the automotive industry. In August 2023, approximately 3.59 lakh units of Passenger Vehicles were sold, representing a notable growth of 9.40 per cent compared to the same month in 2022.
Three-Wheelers reported exceptional growth, with a staggering 68.79 per cent increase, achieving sales of approximately 0.65 lakh units in August 2023.
Furthermore, Two-Wheeler sales remained steady, with 15.67 lakh units sold in the country, reflecting a growth of 0.59 per cent compared to August 2022.
SIAM said, “3.59 lakh units of Passenger Vehicles were sold in the month of August, with a growth of 9.40% compared to August 2022. Three-Wheelers also reported a significant growth of 68.79%, posting sales of about 0.65 lakh units in August 2023. 15.67 Lakh Two-Wheelers were sold last month in the country, with a growth of 0.59% compared to August 2022.”
The sales figures for August 2023 underscore the resilience and vitality of the Indian automotive sector.
The industry’s optimistic outlook and strong performance are expected to continue, particularly with the festive season on the horizon and positive economic indicators.