What the latest sales data shows about the auto sector's health
Looks like good times are back for India’s auto industry. Latest industry data shows that auto sales grew 28% year on year in November, as demand remained robust even after the festive season amid an improvement in supplies.
According to the Society of Indian Automobile Manufacturers (SIAM) data, 276,231 passenger vehicles were sold last month, up from 215,626 units a year ago. The growth would be 32% if 46,425 units of Tata Motors vehicles were to be added. Tata Motors does not report sales on a monthly basis to SIAM.
While sales of passenger cars went up 29% to 130,142 units in November, those of utility vehicles rose nearly a third to 138,780 units.
What does SIAM have to say about the numbers?
SIAM president Vinod Aggarwal said, "Positive consumer and business sentiment have reflected in better sales in November 2022, compared to the previous year. We note a sequential decline over October 2022 attributable to seasonality and softness in key export markets."
What about sales of three-wheelers and two-wheelers?
Sales of three-wheelers more than doubled to 45,664 units in November. In the two-wheeler segment, wholesale sales went up 16.5% to 1,236,190 units last month. While sales of motorcycles grew 12.7% to 788,893 units, those of scooters rose 29% to 412,832 units.
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