PV Sales Maintain Growth Momentum, Up 4% In May; Two-Wheelers Surge 10%

Vehicle Sales: Automakers delivered over 347,000 passenger vehicles to dealerships in the domestic market in May, achieving an year-on-year growth of 4% compared to the same month last year, the industry body SIAM said on Tuesday.

Vehicle Sales In May 2024: Automakers delivered over 347,000 passenger vehicles to dealerships in the domestic market in May, achieving an year-on-year growth of 4% compared to the same month last year, the industry body SIAM said on Tuesday. Total passenger vehicle (PV) dispatches from manufacturers to dealers reached 347,492 units last month, up from 334,537 units in May 2023. This marked the highest dispatch volume ever recorded for the month of May, propelled by strong demand for utility vehicles.

According to SIAM, Maruti Suzuki sold 1,44,002 units last month, as against 1,43,708 units in May 2023. Hyundai Motor India dispatched 49,151 units in May, as compared to 48,601 units in May 2023. Mahindra & Mahindra sold 43,218 units last month, as against 32,886 units in the year-ago period. Kia Motors sold 19,500 units last month, as against 18,766 units in May 2023.

All the segments, including passenger vehicles, commercial vehicles, two-wheelers, and three-wheelers have witnessed growth in May, compared to May 2023, the Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement.

"Passenger vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year," he noted. Two-wheeler sales rose 10% to 16,20,084 units last month, compared to 14,71,550 units in the year-ago period. Three-wheeler dispatches rose 15% to 55,763 units in May, as against 48,610 units in May 2023.

SIAM Director General Rajesh Menon said, "PV dispatches last month were the highest ever in May so far. Two-wheelers saw a growth of 10% last month but still remain lower than 2017-18 levels of May." Domestic sales of three-wheelers in May 2024 grew by 14.7% compared to May 2023, posting the highest-ever sales in May, Menon said.

(Inputs- PTI)