Domestic passenger vehicle (PV) sales grew by 11 per cent year-on-year (YoY) in February to 291,928 units amid positive consumer sentiment and high production, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday.
Two-wheeler sales in India continued to grow at a moderate pace of about 8 per cent in February to 1.12 million units amid lukewarm demand.
Among PV makers, Toyota Kirloskar’s domestic wholesales jumped by 75.18 per cent in February to 15,323 units, according to SIAM data. Kia’s domestic wholesales increased by 35.8 per cent to 24,600 units in February 2023.
Maruti Suzuki, India’s largest car maker, saw its domestic PV wholesales increase by 10.1 per cent to 147,467 units in February. Hyundai’s domestic wholesales increased by 6.7 per cent to 47,001 units and Mahindra & Mahindra’s figure saw a jump of 9.73 per cent in February.
Vinod Aggarwal, president of SIAM, said, “Overall positive sentiment in the market continues. This is also driven by encouraging announcements in the Union Budget.”
PV exports from India decreased by 9.24 per cent YoY to 46,486 units in February this year.
Maruti Suzuki, India’s largest exporter of PVs, saw its foreign sales decrease by 28.7 per cent to 16,956 units.
Hyundai, which is number two in terms of PV exports, saw its foreign sales jump by 19.1 per cent to 10,850 units in February.