PV sales surges in May but still below 2018 level

NEW DELHI: Domestic passenger vehicle (PV) sales comprising passenger cars, utility vehicles (UVs) and vans jumped 185 per cent year-on-year in May 2022 to 2,51,052 units from 88,045 in the same month last year with the surge primarily being on account of low base in 2021 due to second wave of COVID pandemic.

As per data released by Society of Indian Automobile Manufacturers (SIAM) on Friday, three wheeler sales in May stood at 28,542 units as against 1,262 units in the corresponding period last year. The two-wheeler sales during the period under review stood at 12,53,187 as compared to 3,54,824 in May 2021.

Rajesh Menon, Director General, SIAM said that sales of two-wheelers and three-wheelers remained sluggish in the month of May 2022 as they were even below of what it was 9 years and 14 years ago, respectively. “Sales of passenger vehicle segment are also still below 2018 level. Recent government interventions would help in easing of the supply side challenges, but second hike in repo-rates by RBI and increase in 3rd Party Insurance Rates, could become more challenging for the customers, thereby impacting demand,? Menon said.

The total production of passenger vehicles, three wheelers, two wheelers, and quadricycle in May 2022 was 19,65,541 units, the SIAM data showed. The auto industry body mentioned data from BMW, Mercedes, Tata Motors and Volvo Auto are not available.

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