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'Looking ahead to Q2, the overall industry outlook remains cautiously optimistic. While the challenges from Q1 may continue to linger in the near term, several positive macroeconomic and seasonal indicators could support a gradual recovery,' SIAM added.
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Repo rate cuts and above normal rainfall forecast are expected to give a positive push to the auto sector going forward.
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Although the Society of Indian Automobile Manufacturers is yet to make a formal plea for paring the localization requirement, the industry body’s members have flagged the need in various consultations with the government.
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In addition to this, the government’s support for EV purchase may also power the volumes across the sector, Chandra added.
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Utility vehicle dispatches from companies to their respective dealers rose 6 per cent to 2,12,995 units last month as against 2,00,917 units in January 2024.
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The Ministry of Heavy Industries has already reached out to global original equipment manufacturers (OEMs) through the Society of Indian Automobile Manufacturers (SIAM) to gauge investor interest.
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Hyundai Motor India dispatches declined to 48,246 units last month as against 49,451 units in the year-ago period. Mahindra & Mahindra sales stood at 46,222 units last month as compared with 39,981 units in November last year, a growth of 16 per cent.
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Industry players say that the jump in retail sales witnessed in the first 25 days of this festival season is attributed to factors including attractive discounts, tailor-made financing options, new models and rising incomes.
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According to the SIAM president, the rising fuel prices has more sensitivity in the commercial vehicle segment than on other segments such as cars, scooters and motorcycles
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SIAM president Shailesh Chandra noted that the flat sales of passenger vehicles in the first half of 2024-25 came as a 'slight surprise' for the automobile industry, but it is expecting a rebound in the second half due to the festival season.
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According to data issued by the industry body Society of Indian Automobile Manufacturers (SIAM), the total passenger vehicle dispatches in the domestic market stood at 3,52,921 units last month compared to 3,59,228 vehicles in August 2023, a dip of 1.8 per cent.
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In a written address to the annual convention of the Society of Indian Automobile Manufacturers (SIAM), Mr. Modi said the automotive industry will drive even higher economic growth and in turn, thrive on demand growth
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Noting that the National Vehicle Scrappage Policy is a win-win for all stakeholders, the minister said that India can be a scrapping hub in South Asia as it will help automobile companies reduce their raw material costs and will help India reduce the import of steel.
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Today, India has 6,000 CNG fuel stations and the country aims to ramp it up to 20,000 by 2030, Nitin Gadkari said.
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The auto retail body has said that the vehicle stockpile has climbed to 70-75 days now as against the ideal inventory of 30-35 days.
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The two-wheeler segment registered a decent sales growth of 12.5% in July 2024 as compared to a year ago at 14.42 Lakh units, said SIAM.
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Auto sector looks for big bang reforms to sustain its growth momentum and propel country’s economy
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Auto sector is keen on the government’s long-term roadmap on EV adoption, promoting domestic value addition, supply chain challenges, R&D, infrastructure development, etc
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Our expectation is that the two-wheeler market should grow around 6-8 per cent this year,” Bajaj Auto Executive Director Rakesh Sharma told reporters
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The industry has also sought sops to promote electric vehicles and suggested the government bring in additional incentives for scrapping of vehicles in the upcoming budget.
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FADA had earlier retail body stated that PV inventories have reached levels of 65-67 days of sales.
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Total automobile sales include 10,26,000 units of PVs, up by 3 percent from 9,96,565 units in Q1 FY24, as per the data shared by auto industry body
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The overall passenger vehicle (PV) dispatches from companies to dealers stood at 3,27,788 units in June 2023.
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Federation of Automobile Dealers' Association (FADA) President Manish Singhania said in 2018-19 was a very bad year for the automobile dealers in the country when 280-odd dealerships had gone out of business, and FADA does not want that to happen again.
