Passenger vehicles sales grew at the fastest pace in six years

Image result for Passenger vehicles sales grew at the fastest pace in six years

  • Passenger vehicles sales grew at the fastest pace in six years in 2016-17, crossing the 30 lakh-mark for the first time in India, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

  • Sales of passenger vehicles in the domestic market grew 9.2% to 30.46 lakh units in 2016-17, compared with 27.89 lakh units sold in 2015-16.

  • The sales of sports unity vehicles (SUVs) grew at a four-year high of 29.9% to 7.61 lakh units in 2016-17. However, growth in the passenger cars segment slowed to a three-year low of 3.8% at 21.02 lakh units.

  • The two-wheeler sales registered yearly growth of 6.9% to 1.75 crore units in 2016-17 after showing a modest growth of 3% in the previous financial year.

  • However, sales of three-wheelers declined by 4.9% to 5.12 lakh units and the total commercial vehicles sales grew 4.2% to 7.14 lakh units.

  • The overall automobile exports declined 4.5% in 2016-17 on account of sharp decline in export of three-wheelers and two-wheelers. The growth in export of passenger vehicles and commercial vehicles stood at 16.2% and 5% respectively in 2016-17.

  • For the current financial year, SIAM expects overall passenger vehicles sales to grow 7-9%, two-wheelers 9-11%, commercial vehicles 4-6% and three-wheelers 4-6%.

  • Passenger and commercial vehicle manufacturers have an inventory of 1.2 lakh vehicles, compliant with old BS-III emission norms, worth Rs. 5,000 crore piled up following the Supreme Court’s order.

  • Automobile dealers offered a heavy discount to sell their inventory after Supreme Court on March 29 ordered a ban on registration and sale of BS-III vehicles from April 1.

Print Friendly
Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join our mailing list to receive the latest current affairs and updates from our team.

You have Successfully Subscribed!

Current Affairs ONLY
Register New Account
Reset Password