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

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

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.

See also:
Hyderabad to get boost for road infrastructure
Santa Cruz-Chembur Link Road Extension glitch resolved


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. See also: Hyderabad to get boost for road infrastructureSanta Cruz-Chembur Link Road Extension glitch resolved

Related Stories

Gold Stories

Next Story
Infrastructure Energy

Asian Energy Services Q1 FY27 PAT Rises 129 Per Cent

Asian Energy Services Limited reported a 129 per cent year-on-year rise in net profit to Rs 128 million for Q1 FY27, compared with the corresponding quarter last year.Revenue increased 135 per cent year-on-year to Rs 2.71 billion, supported by continued momentum across its services business, disciplined execution and contributions from domestic and international operations. EBITDA grew 81 per cent year-on-year during the quarter.As of June 30, 2026, the company’s standalone order book stood at Rs 17.54 billion, with around 60 per cent coming from oil and gas services and 40 per cent from min..

Next Story
Infrastructure Urban

BioBTX to Build First Commercial-Scale Circular Chemicals Plant

Dutch circular chemistry technology developer BioBTX is building what it says will be the world’s first commercial-scale plant to convert mixed plastic waste into high-quality aromatic chemicals using its proprietary Integrated Catalytic Cracking Process (ICCP) technology.The facility will be built at Chemical Park Delfzijl on the northern coast of the Netherlands and is expected to create 35 jobs. Covestro, which has been a shareholder and strategic partner of BioBTX since 2024, holds a mid-single-digit million-euro investment in the company.BioBTX’s ICCP technology uses catalytic pyrolys..

Next Story
Real Estate

Awfis Q1 FY27 PAT Jumps 140% as Revenue Rises 27%

Awfis Space Solutions reported a 140 per cent year-on-year rise in consolidated profit after tax (PAT) to Rs 240 million for Q1 FY27, compared with Rs 100 million in the corresponding quarter last year.Revenue from operations increased 27 per cent to Rs 4.25 billion from Rs 3.35 billion, while EBITDA rose 28 per cent to Rs 1.62 billion. EBITDA margin improved to 38.2 per cent from 37.8 per cent. Profit before tax increased 135 per cent to Rs 240 million.The company's co-working business recorded 27 per cent year-on-year growth, supported by demand from enterprises, Global Capability Centres (G..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement