Automobiles News

SUV demand: Domestic PV sales scale new high in July on SUV demand


Domestic sales of passenger vehicles set a fresh record in July, driven by demand for sports utility vehicles, even as offtake of small cars and two-wheelers remained weak due to pressure on disposable income among entry-level customers.

As per data released by the Society of Indian Automobile Manufacturers (SIAM), 350,149 passenger vehicles were despatched from factories to dealerships last month, an increase of 2.6% compared to 341,370 units sold in July 2022.

Automakers exuded optimism that strong macroeconomic fundamentals and a good monsoon would drive up consumer demand across segments ahead of the festive season, which will set in with Onam in Kerala on August 20.

“Sales of passenger vehicles have been the highest ever in July, with a marginal growth of 2.6%, compared to July 2022. Three-wheelers also posted a decent growth of 78.9% compared to last year, which is the second highest in the month of July, after the peak of 2018-19,” said Rajesh Menon, director general, SIAM.


Source link