Wholesale passenger car sales grew more than 17 percent in January

Wholesale passenger vehicle sales in the country grew by about 17.2 percent in January. Strong demand for utility vehicles and improved consumer confidence have led to a rebound in sales. Wholesale passenger vehicle sales increased to 2,98,093 units in January. In the same month last year, this figure was 2,54,287 units.

The Society of Indian Automobile Manufacturers (SIAM) had earlier reported that passenger car sales grew 22 percent in January. SIAM said the reopening of factories in China would increase supply. Sales of utility vehicles have increased further in January by 28 percent. It has outpaced the growth of passenger car sales. However, sales of two-wheelers grew only 3.8 percent in January. It had grown 6.3 percent during October-December. SIAM said the growth in two-wheeler sales over the years has been less than that of other segments.

In January the increase in Electric Vehicle (EV) sales slowed. Last month, electric passenger vehicle sales decreased 10.51 percent to 3,346 units. Sales of electric passenger vehicles at the segment’s largest company, Tata Motor, fell 17 percent to 2,426 units. The company had sold 2,926 units in December. According to the Federation of Automobile Dealers Associations, MG Motor’s sales declined more than 12.50 percent to 425 units. However, there has also been an increase in EV sales from some car companies in January. These include the Chinese company BYD. Its sales increased 164 percent to 132 units. This company sold 50 vehicles in December. Luxury automaker BMW increased to 123 units.

Hyundai Motor’s electric passenger vehicle sales rose marginally to 111 units in January. The company had sold 91 units in December. Electric commercial vehicle sales declined by more than 20 percent to 131 units in January. Sales of electric three-wheelers were also down three percent in January. However, there were no major changes in the sales of electric two-wheelers. In this category, 64,363 units were sold in January. There were 64,348 units in December.
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