As per the data released by the Society of Indian Automobile Manufacturers (SIAM), this follows a 2.5 pc decline in July 2024, marking a slowdown after the segment grew by 3% in the first quarter (April-June) of FY24.
Photo: IANS
The sales of passenger vehicle (PV) segment witnessed a decline for the second consecutive month in August. It fell by 1.8 per cent year-on-year (Y-o-Y) to touch 352,921 units.
As per the data released by the Society of Indian Automobile Manufacturers (SIAM), this follows a 2.5 pc decline in July 2024, marking a slowdown after the segment grew by 3% in the first quarter (April-June) of FY24.
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The two-wheeler segment posted a 9.3% growth in August 2024 compared to the same month last year, with sales reaching 1.71 million units.
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This comes after a 20.4% growth in Q1 and a 12.5% rise in July 2024, reflecting strong demand in the domestic market.
Further, the data said the three-wheeler segment also showed positive momentum, recording a 7.7% growth in August 2024 compared to its peak in August 2023, with sales hitting 69,962 units. In Q1, sales grew by 14.2% followed by a 5.1% growth in July.
SIAM Director General Rajesh Menon said, “In August 2024, the passenger vehicle segment de-grew by 1.8% compared to August 2023.”
“The two-wheeler segment posted a growth of 9.3%, while three-wheeler sales grew 7.7% Y-o-Y. Looking ahead, the festival season and government initiatives like PM E-DRIVE and PM-eBus Sewa are expected to boost demand,” he added.
Total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in August 2024 stood at 2.49 million units, the data said.
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