The Society of Indian Automobile Manufacturers (SIAM) has recently released a report, which gives the figures of vehicle sales across the country during July 2024. According to the report, there has been a slight decline in vehicle sales in July this year.
According to the report, 3.41 lakh cars were sold wholesale in the month of July. This figure is slightly less than the 3.5 lakh cars sold in July last year. However, this sale is more than the 3.37 lakh cars of June 2024, which is a positive sign.
The report states that there has been an increase in the sales of utility vehicles in the month of July. However, despite this increase, it has not been able to completely compensate for the decrease in the sales of compact cars and sedans. Apart from this, a significant increase has been seen in the wholesale sales of two-wheelers.
The main reason for the decrease in wholesale sales is said to be that the stock of vehicles with the dealers has increased. In such a situation, companies are sending fewer vehicles so that the excess stock can be controlled.
There has been a tremendous increase in the sales of two-wheelers in July. This month, wholesale sales of 8.5 lakh motorcycles, 5.53 lakh scooters and 37,563 mopeds have been recorded. This growth shows that the demand for two-wheelers is increasing.
The SIAM president said that in view of above average rainfall and the upcoming festive season, vehicle sales are expected to increase soon. Vehicle sales often see a surge during the festive season.
SIAM Director General Rajesh Menon said that passenger vehicle sales in July this year have declined by 2.5 percent compared to last year. At the same time, the two-wheeler segment has grown by 12.5 percent on a year-on-year basis. It is clear from this report that while car sales have seen a decline, two-wheeler sales continue to grow significantly. Sales are expected to increase further in the coming months due to the festive season.
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