The domestic passenger vehicle wholesales rose to 2.86 lakh in December 2023, up 4% from the same month the previous year, data revealed by the Society of Indian Automobile Manufacturers (SIAM) showed on January 12.
Two-wheeler domestic wholesales witnessed a year-on-year jump of 16% to 12.11 lakh units last month. Meanwhile, three-wheeler wholesales were higher at 50,537 units last month as compared to 38,693 units in December 2022.
SIAM President Vinod Aggarwal said that 2023 was largely satisfactory for all segments with PV sales creating new milestones throughout the year. He said the industry is positive that sales will be good in 2024 as well.
According to Aggarwal, growth has been good across sectors in the first nine months of FY24 and there is no reason why the fourth quarter growth shouldn't be good. He expects FY24 to be a good year overall.
SIAM President, meanwhile, pointed out that risks in the Red Sea are being managed well by the Indian government. His comment came against the backdrop of Houthi attacks in the southern Red Sea and Gulf of Aden. He, however, said the Indian economy is very resilient and that he doesn’t see any concerns for the industry from the geopolitical situation.
Aggarwal also said Bharat Mobility Global Expo, scheduled between February 1-3, at the Bharat Mandapam in Delhi, will see wide participation from the entire ecosystem of the auto industry.
The event is supported by industry bodies like SIAM, the Automotive Component Manufacturers Association (ACMA), the Automotive Tyre Manufacturers’ Association (ATMA), the Society of Manufacturers of Electric Vehicles (SMEV), and NASSCOM.
