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Domestic wholesales (dispatches to dealers) of all segments in the automobile sector recorded robust growth in November on a year-on-year (YoY) basis, led by festival season sales.
In the passenger vehicle (PV) segment, domestic sales grew by around four per cent YoY to 3,34,130 units during the month, as compared with 3,22,268 units in the same month a year ago, Society of Indian Automobile Manufacturers (SIAM) said on Tuesday.
Two-wheeler sales grew by 31.31 per cent YoY to 16,23,399 units in November, as against 12,36,282 units in the corresponding month last year. While motorcycle sales grew by 36 per cent YoY to 10,70,798 units (against 7,88,893 units), scooter sales grew by 23.29 per cent YoY to 5,09,119 units (against 4,12,924 units), during the month.
Festival demand drives auto sales in October
Similarly, three-wheeler dispatches rose by 31 per cent YoY to 59,738 units last month as compared with 45,664 units in November 2022.
“All segments of the automobile industry witnessed robust growth during the festival season, which ended in the first part of November. For the month, passenger vehicle sales grew moderately, and two-wheeler and three-wheeler segments posted high double-digit growth,” Vinod Aggarwal, President, SIAM, said.
Commercial vehicles sales matched last year’s levels. Supported by strong economic growth, the industry is optimistic about ending the year 2023 on a high note and expects the trend to continue into 2024, he added.
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