Total passenger vehicle sales increase 185% year-on-year to 2,51,052 units in May: SIAM
Total passenger vehicle (PV) sales in May 2022 increased 185% year-over-year (YoY) to 251,052 units. In May 2021, 88,045 passenger vehicle units were sold, according to data recently released by industry body Society of Indian Automobile Manufacturers (SIAM).
The total number of PVs sold in May 2022 exceeded the pre-pandemic level of May 2019, he said.
In May 2022, 251,052 passenger vehicles were sold compared to 226,975 units sold in the same month in 2019. However, passenger vehicle sales are still below the 2018 level.
Meanwhile, three-wheeler sales jumped to 28,542 units sold in May 2022 from 1,262 units sold in May 2021. While two-wheeler sales increased over 253% to 1,253,187 units compared to 354,824 units sold in May 2021.
Sales of three-wheelers and two-wheelers have yet to surpass the pre-pandemic level of May 2019. In May 2022, 28,542 three-wheelers were sold compared to 51,650 units sold in the same month in 2019. May 2022, 1,253,187 three-wheelers were sold compared to 1,725,204 units sold in the same month in 2019.
A total of 1,532,809 Indian automobile industry recorded total sales of 1,532,809 units in May 2022. The industry is yet to surpass the pre-pandemic level of 2,004,137 units sold in April 2019. However , the industry saw 245% year-on-year growth from 444,131 units sold in May 2020.
“Sales of two-wheelers and three-wheelers continue to remain sluggish in the month of May 2022, as they are even lower than they were 9 years and 14 years ago, respectively. Passenger vehicle segment sales are also still below 2018 levels,” said Rajesh Menon, Managing Director of SIAM.
“Recent government interventions would help alleviate supply-side challenges, but the second repo rate hike by RBI and the increase in third-party insurance rates could become more difficult for clients, which would have an impact on demand,” he added.
So far in FY23, India’s auto industry has sold 502,703 passenger vehicles, 49,480 three-wheelers and 2,415,769 two-wheelers. The number of units sold in FY23 currently stands at 2,968,006, a significant increase from the 1,717,839 units sold from April to May 2021. However, still below the pre-pandemic level of 3,923,165 units sold in April-May 2019.
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