Passenger vehicle sales may hit record 38,000 units this fiscal

18 Nov 2022 CW Team

Passenger vehicle sales in India could hit a record of over 380,000 units in FY23, but the strong growth momentum is not expected to carry over to 2023-24, with pent-up demand already been released, according to Tata Motors Passenger Vehicles managing director Shailesh Chandra.

There could be a moderation on offtake of passenger vehicles (PVs) in the third quarter of the ongoing fiscal, picking up again in the fourth quarter, but the growth rate in FY24 would also depend on the impact of a new set of regulations such as BS VI phase II and new safety regulations kicking in next year, he told analysts.

The first half of FY23 was very strong for the PV industry with nearly 1.9 million vehicles sold, said Chandra, who is also the managing director of Tata Passenger Electric Mobility Ltd.

“Typically, you would see a 48:52 kind of a ratio between H1 and H2. This time, you're going to see nearly 50:50 kind of a ratio. So, it's going to be a very strong year, highest-ever industry volumes is what we are going to witness in this financial year, possibly going up to 3.8 million-plus,” he said.

In 2021-22, according to the Society of Indian Automobile Manufacturers (SIAM), PV sales in India were at 30,69,499 units. The record for highest PV sales in India was in 2018-19 when 33,77,436 units were sold.

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