During April-June 2024, car or passenger vehicle sales rose by 9.4 percent from the same period last year to 9.96 lakh units, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
Rajesh Menon, DG, SIAM said that it has been the highest-ever sales in June for cars. He also pointed out that the entry-level segment was down across categories, and there was a 65 percent drop in minicars. "There was a 39.9 percent drop in motorcycles up to 110 cc, too," he said.
Vinod Aggarwal, President of SIAM, added that entry-level sales were down, and a migration was seen to other segments. On the recent changes to GST, Aggarwal said: "Aware about the GST Council clarification. We're yet to see the notification to assess the impact."
The 50th Goods and Services Tax (GST) Council on Tuesday, July 11, clarified that all multi-utility vehicles (MUVs), whether it's sports utility vehicles (SUVs) or crossover utility vehicles (XUVs), will have to pay a tax of 22 percent compensation cess over and above the 28 percent GST rate.
Meanwhile, Siam shared that UV sales rose by 18 percent YoY to 5,46,603 units in the April-June quarter in FY24. The number of passenger car sales in the June quarter was 4,13,723 units, compared to 35,648 units in Q1 FY23.
Domestic passenger vehicle wholesale sales in June increased 2.2 percent, reaching 3.27 lakh units. This figure represents a rise from the 320,985 units sold in June 2022.
Two-wheeler sales are lower than June 2016-17 levels. Two-wheeler sales saw a growth of 1.7 percent, with 1.33 million units sold compared to 1.31 million units in the same period last year.
Three-wheeler wholesales experienced a substantial surge, nearly doubling in sales to 53,019 units in June 2023, as compared to 26,701 units in June 2022. But sales were still lower than June 2018-19 levels.
On the retail front, the Federation of Automobile Dealers Association (FADA) reported that car and bike sales in India rose in June. Passenger vehicle sales, including cars and vans, recorded a 4.8 percent growth, reaching a record high of over 295,000 units for the month. Two-wheeler sales also witnessed an increase of 6.8 percent, with over 1.3 million units sold during the same period.
First Published: Jul 12, 2023 2:31 PM IST
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