Passenger vehicles, three-wheelers post highest sales ever in January: SIAM

January auto sales: Passenger vehicle sales remained resilient to post its highest ever sales in the month of January, with two-wheeler and three-wheeler sales growing rapidly too, showed Society of Indian Automobile Manufacturers (SIAM) data. However, commercial vehicle sales did not grow in the month of January, the data showed, with possibility of offtake in the next two months. 

“Government’s strategic focus on mobility in Budget 2024, including strengthening the electric vehicle ecosystem, especially the charging infra and public transport, should help in continuing with the overall growth momentum for the auto sector,” said SIAM President Vinod Agarwal.

Passenger vehicle sales for January was 3,93,074, as compared to 3,46,080 in the same period last year. Three-wheeler sales grew to 53,537 from 48,903 in the same period last year. January saw the sale of 14,95,183 two-wheelers, compared to 11,84,376 in January 2023.

The total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycle overall in January 2024 was 23,28,329 units.

SIAM Director General Rajesh Menon said, “Passenger Vehicles again saw highest ever sales in the month of January posting a growth of 14 per cent, as compared to the previous year. Three-wheeler sales grew by 9 per cent during January 2024 while two-wheelers posted a good growth of 26 per cent in January 2024, compared to January 2023. Passenger vehicles and three-wheelers continue to post their highest ever sales till date, in FY24, for the period April to January.” 

The auto sector’s robust growth was highlighted by Federation of Automobile Dealers Associations (FADA) data for the month of January too. It stated that overall auto retail market expanded by 15 per cent in January, with demand for two-wheelers remaining steady, fuelled by continued strength in the rural market.Passenger vehicle segment achieved an all-time high in January but commercial vehicle sales are likely to be tapered in the fourth quarter, it stated. FADA also expressed concerns about the inventory levels of passenger vehicles.

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