Medium and Heavy Commercial vehicles have seen a growth of 0.41 per cent despite the overall Commercial Vehicles segment has dipped 1.52 per cent as compared to the Q1 (April to June) of last year. The society of Indian Auto Manufacturers (SIAM) has released the Q1 performance report of the Indian Auto Industry 2023-24 in which the above mentioned is reported. The report also threw light on the production of Passenger Vehicles including two, three Wheelers, and Quadricycle in June 2023.The production of passenger vehicle for June month also dipped by 2.71 per cent to 20,24,703 units from 20,81,148. Vinod Aggarwal, President, SIAM presented the report in front of the industry partners and mentioned that Passenger Vehicles sales were 2,75,788 units in June 2022 while three-wheeler sales were 53,019 units in June 2022. Both of them increase by 1.62 and 98.56 per cent.

The total production of Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers, and Quadricycle in April-June 2023 was 65,03,626 units which is an overall increase of 2.79 per cent from last year. Passenger Vehicles sales were 9,10,495 while commercial vehicles sales were at 2,24,488 in April-June 2022-23 while the numbers now are 9,95,974 units for passenger vehicles and 2,17,046 for Commercial Vehicles this year.

Commenting on sales data of Q1 for 2023-24, Vinod Aggarwal, President, SIAM said, “In the quarter, the Auto Industry seamlessly transited to the very stringent BS 6 Phase 2 Emission Norms from 1st April 2023, reflecting the commitment of the industry towards the environment. Overall Passenger Vehicles, Two-Wheelers, Three-Wheelers and Commercial Vehicles have performed well in Q1 of 2023-24, although some sub-segments have shown slight momentary decline, compared to Q1 of last year. With expectations of a reasonable Monsoon, which has now covered most parts of the country, coupled with lowering inflation, we expect the economy to continue to grow, which in turn should help the Auto Sector. High interest rates remain a concern.”

Rajesh Menon, Director General, SIAM present the other part of report while highlighting the Q1 2023-24 performance. He said, “Sales of Passenger Vehicles in Q1 of Apr-June 2023 has been the highest ever with a growth of 9.4 per cent, compared to the previous year. The Passenger Vehicle segment crossed 2 million units in the first half of Calendar year for the first time. Two-Wheelers also posted a growth of 11.2 per cent in this Quarter, compared to last year, but are still lower than 2016-17 levels. Domestic sales of Three-Wheelers in Q1 of 2023-24 grew by 89.4 per cent compared to last year albeit on a low base, but are still lower than the 2018-19 levels. Commercial Vehicles have de-grown by (-)3.3 per cent in this Quarter, compared to Q1 of last financial year.”