New Delhi: The domestic auto industry witnessed strong sales performance in May this year. According to the latest report by the Society of Indian Automobile Manufacturers (SIAM), the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached a record high of 21,24,235 units during that month.
The sales of passenger vehicles in May 2023 stood at 3,34,247 units, reflecting a growth of 13.5% compared to May 2022. This indicates a positive recovery for the segment. Three-wheelers recorded sales of 48,732 units, marking an impressive growth rate of 70.4% compared to the same month last year.
In the two-wheeler category, sales reached 14,71,550 units in May 2023. This represents a growth of 17.4% compared to May 2022. However, it is important to note that two-wheeler sales are still lower than the levels seen in 2016-17.
Vinod Aggarwal, President of SIAM, expressed optimism about the continued growth of all automotive segments in May 2023. He expects the positive trend to persist due to the supportive economic environment and the availability of new powertrain technologies, such as electrified, bio-fuel, and gaseous fuel-driven vehicles, facilitated by government policies.
Rajesh Menon, Director General of SIAM, highlighted that passenger vehicle sales achieved the highest ever figure in May, growing by 13.5% compared to May 2022. Two-wheelers also experienced a growth rate of 17.4% in May 2023, although they have not yet reached the levels seen in 2016-17.
Three-wheeler sales demonstrated significant growth of 70.4% compared to May 2022, but they still lag behind the levels observed in 2018-19.
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