NEW DELHI: Due to strong demand during the holiday season, passenger car sales increased 23% year over year in the third quarter of 2022, according to a statement released on Friday by the industry trade group Society of Indian Automobile Manufacturers. In comparison to 7,61,124 units in the same period the prior financial year, the total number of passenger vehicles dispatched by the firms to dealers increased to 9,34,955 units in the third quarter.

Sales of passenger vehicles increased by 7% in December to 2,35,309 units from 2,19,421 units in the same month the previous year. Rajesh Menon, the director general of the Society of Indian Automobile Manufacturers (SIAM), commented on the three-month sales figures by stating that wholesales also increased during the examined period for categories like commercial vehicles, three-wheelers, and two-wheelers.

The holiday season has contributed to strong sales results across all segments. The rural sector is still experiencing sluggish demand, he observed, as a result of high food inflation and rising finance costs. In the third quarter, the overall number of commercial vehicles climbed by 17% year over year to 2,27,111 units, while the number of two-wheelers increased by 6% to 38,59,030 units. Similar to this, dispatches of three-wheelers increased to 1,38,511 units from 82,547 units between October and December of the previous fiscal year. 51,59,758 units were sold in total during the quarter, up from 46,68,562 units during the same period last year.

According to SIAM President Vinod Aggarwal, who was speaking on wholesales for the calendar year 2022, sales of passenger vehicles reached a record high of 3.8 million units, up approximately four lakh units from the previous top in 2018. Similarly, sales of commercial cars were reported at 9.3 lakh units, which is little about 72,000 units below the previous peak in 2018, the speaker continued.

However, three-wheeler sales are still lower than in 2010 sales and two-wheeler dispatches are lower than in 2014, Aggarwal said.. The two-wheeler wholesales have increased at a considerably slower pace in this calendar year compared to the other categories of vehicles, he said, while commercial vehicle growth has been notable compared to the previous calendar year. Sales of all two-wheelers increased slightly in December from the same month last year, when they were 10,15,942 units, to 10,45,052 units.

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