Passenger vehicle sales up 4% in May

Automakers dispatched over 3.47 lakh passenger vehicles to dealers in domestic market in May, recording an year-on-year growth of 4 per cent over same month last year, industry body SIAM said on Tuesday.

The overall passenger vehicle (PV) dispatches from companies to dealers stood at 3,47,492 units last month, as compared to 3,34,537 units in May 2023.

The dispatches were the highest ever for the month of May so far, driven by robust offtake of utility vehicles.

Maruti Suzuki sold 1,44,002 units last month, as against 1,43,708 units in May 2023.

Hyundai Motor India dispatched 49,151 units in May, as compared to 48,601 units in May 2023.

Mahindra & Mahindra sold 43,218 units last month, as against 32,886 units in the year-ago period.

All the segments -- passenger vehicles, commercial vehicles, two-wheelers and three-wheelers have posted growth in May, as compared to the same month last year, the Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement.

"Passenger vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year," he noted.

Two-wheeler sales rose 10 per cent to 16,20,084 units last month, as compared to 14,71,550 units in the year-ago period.

Three-wheeler dispatches rose 15 per cent to 55,763 units in May, as against 48,610 units in May 2023.

"With expectations of above normal monsoon and continued emphasis on economic development by the new government, as it pursues its goal of Viksit Bharat by 2047, the auto industry is optimistic of steady growth in 2024-25 as well," Aggarwal stated.

Elaborating further, SIAM director general Rajesh Menon said PV dispatches last month were the highest ever in May so far.

Two-wheelers saw a growth of 10 per cent last month but still remains lower than 2017-18 levels of May, he said.

"Domestic sales of three-wheelers in May 2024 grew by 14.7 per cent compared to May 2023, posting the highest-ever sales in May," Menon said.