PV sales up by 28.11% at 276,231 units in November’22

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Passenger vehicle (PV) sales in November 2022 rose by 28.11 percent year (YoY) to 276,231 units from November 2021, according to data shared by Society of Indian Automobile Manufacturers (SIAM) on Tuesday.

Total passenger vehicle dispatches from companies to dealers were 215,626 units in November 2021.

Out of the total vehicles sold in November 2022, there were 130,142 units of passenger vehicles, 138,780 units of utility vehicles (UVs) and 7,309 units of vans (SIAM clarified that BMW, Mercedes, Tata Motors & Volvo Auto data is not available.)

In October 2022, PV sales had witnessed a 29 percent surge, at 291,113 units from the year-ago period.

Total two-wheeler wholesales increased by 16.46 percent in November 2022 to 12,36,190 units, compared to 10,61,493 in the year-ago period. Motorcycle sales increased to 788,893 units in November 2022 from 699,949 units in November last year.

Similarly, scooter wholesales rose to 4,12,832 units in November 2022 from 3,18,986 units in November 2021.

Commenting on the industry performance in November 2022, Rajesh Menon, Director-General, SIAM said, “Passenger vehicles posted the highest-ever sales in FY 2022-23 till November. Sales of three-wheelers are still lower than 2010-11 and two-wheelers are less than 2016-17. Higher interest rates and increase in long-term insurance premium continue to be a concern for consumers.”

Three-wheeler wholesales last month rose to 45,664 units from 22,551 units in the year-ago period. The overall automobile dispatches by OEMs, comprising PVs, two-wheelers, three-wheelers and quadricycles, jumped 19.88 percent to 1,558,145 units in November from 12,99,716 units in the year-ago month, as per SIAM.

Vinod Aggarwal, President, SIAM, claims that positive consumer and business sentiments have reflected in the better sales in November 2022, compared to the previous year.

“We note a sequential decline over October 2022, attributable to seasonality and softness in key export markets,” he said.