July Passenger Vehicle Sales Slow, 2-Wheelers Surge: SIAM Report

India’s passenger vehicle sales hit a rough patch in July.Data published by the auto industry body, the Society of Indian Automobile Manufacturers (SIAM), shows that passenger vehicle wholesale slipped to 3.41 lakh units, marking a 2.3 percent year-on-year decline.

Overall passenger vehicle dispatches from companies to dealers stood at 3.5 lakh units in July 2023. On a month-on-month comparison, the sales figure remained almost unchanged compared to June’s tally of 3.41 lakh.

Two-Wheelers in the Fast Lane

While passenger vehicle wholesale slipped in July, the two-wheeler segment entered the fast lane. SIAM data shows that two-wheeler makers dispatched a total of 14.4 lakh units last month, compared to 12.8 lakh units in July 2023. This translates to a double-digit growth of 12.5 percent year-on-year.

However, on a month-on-month basis, two-wheeler sales slipped in July 2024. In June, total two-wheeler sales had risen to 16.1 lakh units.

Three-Wheeler Sales: An Uptick
In the three-wheeler segment, July sales were up 5.1 percent year-on-year. Three-wheeler makers sold a total of 59,073 units last month, compared to 56,204 units in July last year.In June 2024 also three-wheeler sales had seen strong growth, rising to a total of 59,544 units.

Auto Stocks Mostly Unchanged

Auto shares remained almost unchanged after the release of the SIAM data. India’s leading personal vehicle makers, Maruti Suzuki, Tata Motors and Mahindra were trading in the green at the time of the publication of this article.

In the two-wheeler segment, Hero MotoCorp was trading with sharp cuts as its first quarter performance missed street expectations.