The Society of Indian Automobile Manufacturers (SIAM) has announced that the Indian automotive industry recorded its highest-ever monthly sales for passenger vehicles and three-wheelers in August 2023.
Passenger vehicle sales grew by 9.40% to 3.59 lakh units in August 2023, compared to 3.28 lakh units in the same month last year. Three-wheeler sales also grew by a significant 68.79% to 64,763 units, up from 38,369 units in August 2022.
Two-wheeler sales, however, remained stable at 15.67 lakh units, with a marginal increase of 0.59% from 15.57 lakh units in August 2022.
Commenting on the sales performance, SIAM President Vinod Aggarwal said, “The Indian automotive industry has recorded its highest-ever monthly sales for passenger vehicles and three-wheelers in August 2023. This is a reflection of the resilience and dynamism of the sector.”
He added, “We are optimistic about the upcoming festive season, driven by a positive economic outlook and the revival of monsoon following a deficit in August.”
The strong sales performance is also attributed to the launch of new products and the availability of improved financing options.
The Indian automotive industry is expected to continue its strong performance in the coming months, driven by the festive season and positive economic indicators.
Here are some of the key takeaways from the article:
* The Indian automotive industry recorded its highest-ever monthly sales for passenger vehicles and three-wheelers in August 2023.
* Passenger vehicle sales grew by 9.40% to 3.59 lakh units, while three-wheeler sales grew by 68.79% to 64,763 units.
* Two-wheeler sales remained stable at 15.67 lakh units.
* The industry is optimistic about the upcoming festive season and expects to continue its strong performance in the coming months.
