Mr. Vinod Aggarwal, President of SIAM, commented on the August 2023 sales figures, noting that last month achieved record-breaking sales for Passenger Vehicles and Three-Wheelers during the month of August. Two-Wheeler sales, on the other hand, remained at levels comparable to the previous year. Additionally, there was a positive growth trend observed in the Commercial Vehicle sector in August 2023. Mr. Aggarwal expressed increased optimism for a surge in demand during the upcoming festive season, attributing this optimism to a favorable economic outlook and the recovery of monsoon rains following a deficit in August.
Mr. Rajesh Menon, Director General of SIAM, provided insights on the performance in August 2023, stating that 3.59 lakh units of Passenger Vehicles were sold during the month, representing a growth of 9.40% when compared to August 2022. Furthermore, Three-Wheelers experienced substantial growth, with sales of approximately 0.65 lakh units in August 2023, marking a significant increase of 68.79%. In the Two-Wheeler segment, the country saw the sale of 15.67 lakh units last month, with a modest growth of 0.59% compared to August 2022.