Passenger vehicle sales rise 2% YoY in June 24, on the back of demand for utility vehicles

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Hyundai Motor India Ltd increased its UV production to 91,206 in Q1Fy24 from 81,100 in Q1FY23. Kia Motors witnessed a fall in its production to 80,272 units in Q1FY24 from 84,161 units in Q1FY23. Mahindra & Mahindra witnessed a significant rise in UV production to 98,145 units in April-June quarter against 74,298 in the same period.

Toyota Kirloskar Motors witnessed a sharp rise in its UV production to 76,845 units in April-June quarter from 22,225 in the same quarter a year ago. A total of 3,27,487 units of domestic passenger vehicles were sold in June FY24, according to the latest automobile production data by Society of Indian Automobile Manufacturers released on Wednesday. Three-wheeler sales were 53,019 units, and two-wheeler sales were 13,30,826 units.

In terms of the progress of domestic passenger vehicle wholesale, it witnessed a 2 per cent YoY rise in the month of June to 3,27,487 units. Passenger vehicle dispatches to dealers in June 2022 stood at 3,20,985 units. The total two-wheeler sales rose by 2 per cent to 13,30,826 units last month, as against 13,08,764 units in the year-ago period, SIAM stated.

 “Sales of Passenger Vehicles in Q1 of Apr-June 2023 has been the highest ever with a growth of 9.4%, 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% in this Quarter, compared to last year, but are still lower than 2016-17 levels.