Indian vehicle production, sales set new record in Oct 2023

New Delhi: The Society of Indian Automobile Manufacturers (SIAM) reported a surge in the Indian automotive industry's performance in October 2023. The monthly data reveals figures across the various segments.

Passenger vehicles sold 3,89,714 units, representing a 15.9 per cent increase over 3,36,330 units sold in October previous year.

Three Wheeler segment witnessed a 42.1 per cent growth, with sales reaching about 76,940 units as against 54,154 units sold in October 2022.

The two-wheeler category excelled with a total of 18,95,799 units sold, demonstrating a commendable 20.1 per cent growth compared to October 2022.

Commenting on the sales data, President of SIAM, Vinod Aggarwal, expressed his contentment with the data, highlighting that both Passenger Vehicles and Three Wheelers achieved their highest-ever October sales figures, while the Two-Wheeler segment exhibited substantial sales growth.

He credited this positive trend to the collaborative effect of favourable government policies and the festive season.

Aggarwal said, "Both Passenger Vehicles and Three-Wheelers have posted highest ever sales of October, while the TwoWheeler segment has also posted good sales in the month of October 2023. All three segments have posted double-digit growth. This growth momentum is encouraging for the industry which has been enabled by sustained conducive policies of the Government and the ongoing festive season."

SIAM's Director General, Rajesh Menon, further elaborated on the data, emphasizing the robust growth in the automobile sector.

He reiterated the unprecedented surge in October 2023 sales, particularly emphasizing the noteworthy achievements of Passenger Vehicles, which witnessed a monumental increase to 3.90 Lakh units, marking a significant milestone for the segment.

Overall 23,14,197 units of vehicle which includes Passenger Cars, Commercial vehicles, Two and Three wheelers were sold in October 2023 as against 19,23,721 total vehicle sold in October 2022.

The breakdown of domestic sales across different sub-segments in the category of Three Wheelers and Two Wheelers showcased significant leaps in sales across all categories, depicting a trend of remarkable growth across the industry.

Despite the unavailability of specific data from certain high-profile automotive companies, SIAM's insights and analysis provide a comprehensive understanding of the record-breaking performance of the Indian automotive sector in October 2023.