Festive demand sold record passenger vehicles in October, with car sales down 17%

New Delhi| Wholesaling of passenger vehicles on the back of festive demand increased marginally by 0.9 per cent year-on-year to a record 3,93,238 units in October, 2024. In the same period a year before, 3,89,714 passenger vehicles were sold. However, there was a large decline in car sales of 17.3 per cent year-on-year. During this period, only 1,07,520 cars could be sold, whereas in October, 2023, the figure was 1,30,046 units. Total sales of all categories of vehicles rose 11.7 per cent to 25,86,457 units last month, according to data released on Wednesday by the Society of Indian Automobile Manufacturers (SIAM). Sales of utility vehicles were up 13.9 percent.

According to the data, two-wheeler sales increased by 14.2 per cent in October to 21,64,276 units. This is the highest sales so far in October. In the same period a year before, the figure was 18,95,799 units. Scooter sales were up by 22.3 percent and motorcycles by 11 percent. However, moped sales declined by one and a half percent to 52,380 units.

Three-wheeler sales declined by 0.7 per cent to 76,770 units. More than 30 per cent increase in registrations SIAM Director General Rajesh Menon said consumer demand increased due to two major festivals being Dussehra and Diwali in October. This provided a significant boost to the automotive industry. This high growth is also visible in vehicle registration statistics. During this period, total registrations of passenger vehicles and two-wheelers showed an increase of more than 30 per cent on an annual basis.

According to SIAM, production of cars also declined by 18 per cent year-on-year to 1,28,097 units in October. Exports also declined by 10.3 per cent, and only a total of 31,534 cars were exported during this period. Utility vehicles were up 6.3 per cent in production and 61.7 per cent in exports. Passenger vehicle production declined by 4 per cent, while exports rose by 14.1 per cent to 61,530 units in October. Two-wheeler production increased by 13.3 per cent to 24,12,09 units. Exports also registered a growth of 25.4 per cent. The production of three-wheelers decreased by 6.7 percent. There was a five percent increase in exports.