The latest Indian auto industry performance report for May 2023 has been issued by the Society of Indian Automobile Manufacturers (SIAM). According to statistics, the overall output of passenger cars, three-wheelers, two-wheelers, and quadricycles in May of this year was 21,24,235 units.
According to SIAM statistics, passenger car sales in the nation totaled 3,34,247 units in the previous month, representing a 13.5% increase over May 2022. Similarly, 48,732 three-wheelers were sold in the nation in May 2023, representing a 70.4% increase over the same month the previous year.
In May 2023, sales of two-wheelers were 14,71,550 units. In comparison to May 2022, two-wheeler sales in the nation increased by 17.4%.
Commenting on sales data of May 2023, Mr. Vinod Aggarwal, President, of SIAM said, “All the segments viz. Passenger Vehicles, Two-Wheelers, and Three-Wheelers have posted growth in double digits in May 2023, compared to May 2022. We anticipate this trend to continue supported by the prevailing economic environment. The Indian Automobile Industry is currently in a transition phase with new powertrain technologies offered to consumers ranging from Electrified, Bio-Fuels and Gaseous Fuel driven vehicles which are being enabled through sound policies of the Government.”
Commenting on May-2023’s performance, Mr Rajesh Menon, Director General, SIAM said, “Sales of Passenger Vehicles of May 2023 has been the highest ever in May, returning a growth of 13.5%, compared to May 2022. Two-Wheelers also posted a growth of 17.4% in May 2023, compared to last year, but are still lower than 2016-17 levels. Domestic sales of Three- Wheelers in May 2023 grew by 70.4% compared to May 2022, although on a low base, but is still lower than the 2018-19 levels.”
