According to data available with industry body Society of Indian Automobile Manufacturers (SIAM), as many as 291,113 passenger vehicles were sold last month, which is an increase of 28.6% over 226,353 units sold in the year-ago period.
Including Tata Motors industry estimates about 337,000 units were dispatched from factories to dealerships in October, up by 29% from about 260,000 units a year. This is the third highest monthly wholesale volumes reported in the industry after September and July this year when despatches to dealerships stood at 355,000 units and 341,000 units, respectively.
Automakers in India report wholesale dispatches from factories to dealerships and not retail sales to customers.
Two-wheeler sales in the period under consideration went up marginally by 1.6% to 1,577,694 units.
Vinod Aggarwal, President, SIAM said, “Good market sentiments coupled with festive boost, resulted in higher sales in October, especially for passenger vehicles. Higher inflation and rising interest rates have impacted the rural market more, thereby returning marginal growth of the two-wheeler segment. Passenger three-wheelers is seeing better off-take due to increased shared mobility in semi-urban and urban areas.”
Sales of three-wheelers last month went up by 705 to 54,154 units.
Rajesh Menon, Director General, SIAM said, “Though the passenger vehicles have reported highest ever domestic sales in April to October period, sales of two-wheelers in these 7 months of 2022 is still lower than that of 2016, while for three-wheelers it is lower than 2010. Similarly, exports of passenger vehicles continued to grow, while there has been a drop in exports of both two and three-wheelers.”
Overall, sales of automobiles across categories increased 6.2% to 1,923,032 units in October.
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