In August, passenger vehicle wholesales in India saw a notable 9% year-on-year increase, primarily driven by strong demand for utility models, according to the Society of Indian Automobile Manufacturers (SIAM). The total passenger vehicle dispatches to dealers rose to 3,59,228 units last month, up from 3,28,376 units in August 2022. Utility vehicle sales witnessed a remarkable 34% year-on-year increase, reaching 1,81,825 units.

However, passenger car dispatches experienced a decline of 10%, dropping to 1,20,031 units from 1,33,477 units in August 2022. Van wholesales also decreased slightly to 11,859 units from 12,236 units.

SIAM President Vinod Aggarwal noted that this past month marked the highest-ever August sales for passenger vehicles and three-wheelers. Three-wheeler sales surged to 64,763 units in August compared to 38,369 units in the same month last year. Two-wheeler dispatches also increased, reaching 15,66,594 units, up from 15,57,429 units.

Aggarwal mentioned that two-wheeler sales remained at levels similar to the previous year. Additionally, the commercial vehicle segment witnessed positive growth in August 2023.

Based on the performance in August, SIAM expressed optimism regarding increased demand during the festive season. This optimism is attributed to a positive economic outlook and the revival of the monsoon following a deficit in August.

In the passenger vehicle segment, Maruti Suzuki India reported a 16% increase in dispatches to dealers, with 1,56,114 units compared to 1,34,166 units in August 2022. Rival Hyundai Motor India dispatched 53,830 units to dealers, up from 49,510 units in the same month the previous year.