Driven by more sustainable pent-up demand and a low base, domestic passenger vehicle sales in September registered an increase on a year-on-year basis, the Society of Indian Automobile Manufacturers (SIAM) said. According to industry data released by SIAM on Friday, a total of 2,72,027 passenger vehicles were sold in the domestic market, representing a rise of 26.45%, compared to the 2,15,124 units off-take during the like period of 2019.
Two-wheeler sales were 1,849,546 units in September 2020, compared to 1,656,658 units in September 2019, with a growth of 11.64%. However, three-wheeler sales recorded 18,640 units in September 2020 compared to 66,362 units in September 2019 marking a decrease of 71.91%.
The data also showed a sequential growth in sales during September. In August, the domestic passenger vehicles' sales had risen by 14.16% to 215,916 units from 1,89,129 units sold during the corresponding month of the previous year.
As far as quarterly performance is concerned, domestic passenger vehicle sales were 726,232 units during July-September 2020, compared to 620,620 units of the corresponding period in 2019, representing a growth of 17.02%.
Two-wheeler sales were 4,690,565 units in August-September quarter, compared to 4,682,571 units during the same period in 2019, with a marginal growth of 0.17%. However, three-wheeler sales saw a massive decline of 74.63% to 45,902 units in Aug-Sept quarter from 180,899 units during the same period last year.
Commenting on the September 2020 data, Kenichi Ayukawa, President, SIAM said, â€śThe Indian automotive industry is working hard amidst this tough COVID-19 situation to increase production and sales, while ensuring the safety of customers and employees across the whole value chain.
In Q2, some segments have shown signs of recovery. Passenger Vehicles and Two- Wheelers are positive, although on a very low base of previous year. We are expecting good demand in the festive season starting tomorrow. Thanks to government intervention, auto loan interest rates are below 8%, the lowest in a decade and that should encourage customers to purchase new vehicles. Commercial vehicle and three-wheeler sales are still in the negative growth zone.â€ť
â€śWe are proud that with the last of crash safety standards implemented in October 2020, India is almost at par with Europe on safety and emission standards. The Indian Automobile industry will continue to contribute to the economy, environment and society,â€ť he added.