Passenger vehicle wholesales grow 4 pc in November

Domestic passenger vehicle wholesales rose by around 4 per cent year-on-year in November, driven by robust demand for utility vehicles, industry body SIAM said on Tuesday.

Passenger vehicle dispatches from companies to dealers rose to 3,34,130 units last month, the best ever figure for the month of November, from 3,22,268 units in same month last year.

Two-wheeler sales rose to 16,23,399 units last month, a growth of 31 per cent as compared to 12,36,282 units in November 2022.

Similarly, three-wheeler dispatches also rose to 59,738 units last month, registering an increase of 31 per cent over 45,664 units in last November.

”All segments of the automobile industry witnessed robust growth during the festival season which ended in the first part of November,” Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement.

Supported by strong economic growth, the automobile industry is optimistic in ending the year 2023 on a high note and expects the trend to continue into 2024, he added.

Elaborating further, SIAM Director General Rajesh Menon said passenger vehicle segment witnessed highest ever wholesales in November 2023 with dispatch of 3.34 lakh units, albeit with a growth rate of 3.7 per cent, in the backdrop of a high base last November.

Three-wheeler dispatches in November were just below the peak of November 2017, he noted.

Similarly, two-wheeler wholesales last month were also slightly below the peak seen in November 2018, Menon said.