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July 5, 2022

16% Jump in Vehicle Sales in June

Last year's low base and surplus demand led to a nearly 16 percent increase in car sales in June, said the Society of Indian Automobile Manufacturers, apex auto body.

Total sales of passenger vehicles (PV), two-wheelers and quadricycles increased to 1.32 million during the month compared to 1.14 million sold in the same month last year in the domestic market.

“There is a sharp rise in commodity prices, there is a global shortage of semiconductor and there is a fear of the third wave of COVID-19. What such uncertainty is difficult to predict the future. The industry operates on anything, ”said Kenichi Ayukawa, president of SiAM.

The June sales data could not be compared well with last year's period as in both cases there were disruptions related to production and closure. In June 2020, production was hit as it resumed part of the property, and in June 2021, more than 20 provinces announced closures.

According to SIAM data, PV volumes doubled to 255,743 units during the reporting month while two-wheeled volumes increased by 4 percent to 1.05 million units. Three-wheelers continued to struggle, reporting a 10 percent drop in June.

Sales of passenger vehicles have grown to 121,378 units, while sales of utility vehicles have reached 100,760 units, both doubling compared to June 2020.

Volumes of scooters ending June 2021 decreased with sales of 241,689 units, a 10 percent decrease from last year’s period. The motorcycles grew to 7771,00 units, an increase of 10 percent.

The above figures represent wholesale volumes (excluding Tata Motors), which are cars sold by manufacturers to their dealers. Retail prices in June grew by 23 percent to 1.21 million units. Retail sales are what consumers really buy.

Despite the fall in petrol prices of 100 Rs per liter mark in many Indian cities, the demand for PVs remains strong. There is no immediate impact on rising fuel prices on demand, SIAM said.

“Rising fuel prices will have a negative impact. We expect lower fuel prices to be at the right level. We have to look at the need because people will be reluctant to use their cars. We will not say how much the impact will be on the search, ”said Ayukawa.

Info Source:  MoneyControl

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