Domestic passenger vehicle wholesales dip 1% to 3.56 lakh units in Sept: SIAM data

Things doesn’t look very promising for manufacturers sitting on pilled-up inventories amid sluggish demand during the festive season. Passenger vehicle wholesales India witnessed declined 1 per cent year-on-year to 3,56,752 units in September. 

According to the latest SIAM data, domestic sales of passenger vehicles stood at 3,15,689 in September 2024 compared to 3,16,908 units in September 2023.  

The total dispatches to dealers from companies stood at 3,61,717 units in September 2023, the Society of Indian Automobile Manufacturers (SIAM) said in a statement. 

Total two-wheeler sales, however, rose 16 percent year-on-year (YoY) to 20,25,993 units last month compared to 17,49,794 units in the year-ago period, it added. 

On the other hand, sales of two- and three-wheelers registered positive growth. Domestic sales of three-wheelers stood at 79,683 units in September 2024 compared to 74,671 in the same period last year registering a growth of 6.7 percent.  

Sales of two-wheelers for September 2024 registered a 15.8 percent jump at 20,25,993 units compared to 17,49,794 units in the same period last year. 

Meanwhile, export of passenger vehicles showed positive signs with 67,379 units being shipped in September 2024 compared to 60,079 units in the same period last year, a growth of 12.2 percent. Exports of two-wheelers recorded a growth of 23.2 percent at 3,72,481 units in September 2024 compared to 3,02,220 units in same period last year.  

Manufacturers are sitting on alarming level of inventory due to sluggish demand and are counting on the festive season spending to help clear stock and drive growth. 

Top manufacturers have already announced discounts of up to Rs 2 lakh on their best-selling models in recent months to boost sales. However, this has yet to fully translate into actual sales.