Passenger vehicle (PV) sales in India grew by 14.16 per cent to 215,916 units in August 2020 as against 189,129 units sold in the same month last year, according to latest data released by SIAM on Friday.
Factory dispatches of passenger cars grew by 14.13 per cent year-on-year to 124,715 while that of utility vehicle grew by 15.54 per cent to 81,842 units.
Two-wheeler sales grew by 3 per cent last month to 1,559,665 units as against 1,514,196 units in the year ago month.
Kenichi Ayukawa, President, SIAM stated “We are beginning to observe growth which is instilling confidence back into the industry, especially in the Two-wheeler and the Passenger Vehicle segments. Even though the industry witnessed year-on-year growth in August 2020, it is to be recognized that the base figures in August 2019 itself was very low, as Industry had shown a de-growth of about (-) 32% for Passenger Vehicles and (-) 22% for 2 Wheelers in 2019, over 2018, then. Still, 14% growth of Passenger Vehicles and 3% growth in Two Wheelers in August 2020 indicates trends of recovery for the Industry, though it is on the backdrop of pent-up demand and beginning of a Festive Season this month.”
Rajesh Menon, Director General, SIAM said “After a period of lull owing to the COVID 19 imposed lockdowns, the month of August 2020 has witnessed improvement in the sales figures of Two-Wheelers and Passenger vehicles.
"However, Three-Wheeler segment continues to post a de-growth of more than (-) 75% compared to August 2019. Industry is positive that the coming festive season will pave the way for a faster revival of the industry.” Three-wheeler sales fell 75.29 per cent year on year to 14,534 units.