Passenger vehicles posted its highest-ever sales of October in 2024 at 3.93 lakh units, with a growth of 0.9 per cent, albeit on a high base of last October. The two-wheeler segment also posted the highest-ever sales of October in 2024, SIAM Director General Rajesh Menon
New Delhi: Aided by festive demand, domestic passenger vehicle wholesales rose marginally year-on-year to 3,93,238 units in October, industry body SIAM said on Wednesday.
The overall passenger vehicle dispatches by companies to dealers stood at 3,89,714 units in October last year.
Total two-wheeler sales rose 14 per cent year-on-year to 21,64,276 units last month, as compared to 18,95,799 units in October 2023, the Society of Indian Automobile Manufacturers (SIAM) said in a statement.
Scooter sales witnessed a 22 per cent on-year rise to 7,21,200 units in October. Motorcycle dispatches saw an increase of 11 per cent to 13,90,696 units in the previous month, as against 12,52,835 up units in October, 2023.
Moped sales declined to 52,380 units in October this year, as against 53,162 units in the same month a year ago.
Three-wheeler dispatches to dealers from companies saw a marginal dip last month at 76,770 units, as compared to 77,344 units in October last year.
“October 2024 saw two major festivals Dussehra and Diwali, both occurring in the same month, which traditionally drive higher consumer demand, providing a significant boost to the auto industry’s performance,” SIAM Director General Rajesh Menon stated.
Passenger vehicles posted its highest-ever sales of October in 2024 at 3.93 lakh units, with a growth of 0.9 per cent, albeit on a high base of last October, he added.
The two-wheeler segment also posted the highest-ever sales of October in 2024, Menon said.
“This high growth was also reflected in the Vahan vehicle registration data, wherein more than 30 per cent growth in registration was witnessed for both passenger vehicles and two-wheelers in October 2024, compared to October 2023,” he stated.
Meanwhile, Mercedes-Benz India is on course to close the current year with a double-digit jump in sales, fuelled by the rising demand for luxury cars in a fast-growing economy, the company’s managing director Santosh Iyer has said.
Mercedes-Benz India has now launched its new ‘AMG C 63 S E PERFORMANCE’ model equipped with F1 hybrid technology priced at Rs 1.95 crore. This is the company’s 14th product launch this year, aimed at driving up sales volumes of its high-end vehicles which are priced upwards of Rs 1.5 crore.
Speaking to reporters at the launch, Iyer said that the festive season brought the company’s best sales figures, reflecting the strength of the auto major’s performance in a fiercely competitive and fluctuating market.
In the July-to-September quarter, sales of Mercedes-Benz India accelerated by 21per cent over the same period of the previous year amid an overall slowing auto market. He highlighted that the company has been experiencing substantial growth despite the challenges facing the automotive industry.
Iyer said the company plans to complete conversion of all of its existing 100 outlets under the direct-to-consumer model over the next year or so. He claimed that the new marketing strategy has helped to cut the country’s inventory costs.
The increase in luxury car sales also underscores the rising incomes of the upper middle class with the Indian economy emerging as the fastest growing economy in the world. This also reflected in the higher number of income tax payers in the above Rs 1 crore earnings segment.
Figures compiled by the Income Tax department show that more than 9.54 lakh people with income of Rs 1 crore and above filed their returns until October 31 this year. The number has jumped more than 3-fold from 2.89 lakh tax payers in the country in the Rs 1 crore and above bracket five years ago.