Last month, carmakers reported a 4.4% rise in dispatches from factories at 287,904 units, the highest on record for December. Retail sales were substantially higher at 442,800 units, according to industry estimates, helping bring stocks down. The industry started the new year with an inventory of 176,500 units.
Passenger Vehicle Sales: After a historic 27% growth in FY23 with 3.9 million units sold, passenger vehicle (PV) sales in India are expected to grow at a moderated pace of 6-8% in FY24, according to an Olx Crisil Mobility report. Over the long term (5-year period), a healthy growth rate of 5-7% CAGR is projected. India s PV sales continue to advance at a brisk pace. For the third straight year, most other markets, which have seen sales inch up year on year, are still struggling to reach the pre-pandemic levels.
Tata Motors expects next year to be the best on record for its passenger vehicles business. With new models and a focus on electrical and conventional powertrains, Tata Motors aims to achieve faster growth and dominate the EV market. Find out more.
Pakistan s automotive industry continues to face challenges as passenger vehicle sales decline for the second consecutive month. In November, only 4,875 units were sold, marking a significant drop of 68% compared to the same period last year. Factors such as increasing input costs, reduced demand, and high taxes contribute to the decline. In contrast, Indian car manufacturers achieved remarkable success, selling over 3.6 lakh units in November alone.
After a historic 27% growth in FY23 with 3.9 million units sold, passenger vehicle (PV) sales in India are expected to grow at a moderated pace of 6-8% in FY24, according to an Olx Crisil Mobility report. Over the long term (5-year period), a healthy growth rate of 5-7% CAGR is projected. India s PV sales continue to advance at a brisk pace. For the third straight year, most other markets, which have seen sales inch up year on year, are still struggling to reach the pre-pandemic levels.