In July, domestic PV sales reached a record high due to SUV demand

11 Aug 2023 , 12:11 PM

Sports utility vehicle demand propelled domestic passenger vehicle sales to a new high in July, while the demand for compact cars and two-wheelers remained poor as entry-level consumers’ disposable budget was squeezed.

According to information provided by the Society of Indian Automobile Manufacturers (SIAM), 350,149 passenger automobiles were sent from factories to dealerships in July, up 2.6% from the 341,370 units sold in the same month two years prior.

In anticipation of the holiday season, which will begin with Onam in Kerala on August 20, automakers expressed confidence that strong macroeconomic fundamentals and a robust monsoon will boost consumer demand across categories.

‘In July, passenger vehicle sales reached an all-time high, with a little increase of 2.6% from July 2022. According to Rajesh Menon, director general of SIAM, who talked to ET, ‘three-wheelers also registered a respectable growth of 78.9% compared to previous year, which is the second highest in the month of July after the peak of 2018-19.

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