Auto Sales Remained Sluggish In May, SIAM Data Shows
Car sales fell 0.2% month-on-month to 2.51 lakh units in May 2022, even as total two-wheeler sales declined 9.9%, SIAM data shows.
Indian automakers saw sluggish sales in May as the global chip shortage issue persisted.
The segment comprising passenger cars, utility vehicles, and vans sold 2.51 lakh units in May, a 0.2% decline over the previous month, according to data released by the Society of Indian Automobile Manufacturers. Sales, however, rose nearly three times over the year earlier on a low base as restrictions to contain the second Covid-19 wave hurt economic activity.
Total two-wheeler sales rose 9.9% over the previous month to 12.53 lakh units in May.
“Sales of two-wheelers and three-wheelers continued to remain sluggish in May, as they are even below of what it was nine years and 14 years ago, respectively,” SIAM Director General Rajesh Menon said in a statement. Sales of passenger vehicles, too, are below 2018 levels, he said.
The recent government interventions, according to Menon, would help in easing supply-side challenges. But he expects the second hike in repo rate by the central bank and increase in third-party insurance rates to present a challenge for customers, impacting demand.
Auto Sales In May 2022, As Per SIAM (MoM)
Car sales rose 9% to 1,12,857 units.
Wholesales of utility vehicles fell 8.6% to 1,16,256 units.
Scooter sales rose 6.2% to 3,98,099 units.
Motorcycle sales rose 11.48% to 8,19,940 units.
Three-wheeler sales rose 36% to 28,542 units.
