Wholesale sales of passenger vehicles in the country increased by 14.19 percent to 3,10,294 units in October this year. A total of 2,71,737 passenger vehicles were sold in the same month last year.
According to data released on Wednesday by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales also grew by 16.88 percent to 20,53,814 units in the month under review. A total of 17,57,180 two-wheelers were sold in October 2019.
According to the data, a total of 13,82,749 motorcycles were sold last month. This figure is 23.8 percent higher than the same month last year. During this period, scooter sales rose by 1.79 percent to 5,90,507 units.
However, three-wheeler sales declined by 60.91 percent to 26,187 units. Siam Director General Rajesh Menon said, "There has been a spurt in vehicle sales in October as compared to September due to good demand in some areas during the festive season."
Bulk sales figures were better last month as dealers have called for more vehicles to prepare for strong demand in Diwali. Earlier, the Federation of Automobile Dealers Association (FADA) reported that retail sales of passenger vehicles declined by 8.8 percent to 2,49,860 units in October.
Sales growth of these companies
The company sold vehicles fast
Number of company vehicles sold
Maruti 1,63,656 17.64 percent
Hyundai 56,605 13.9 percent
Kiya Motors 20,621 61.25 percent
Hero MotoCorp 7,91,137 34.78 Percent
Honda motorcycle 4,94,459 1.36 percent
TVS Motor Company 3,01,380 19.27 percent
Tractor sales up 12% due to an increase in agricultural income
Rating agency Crisil said on Wednesday that tractor sales in the domestic market could improve better than expected. Its growth rate will be 10–12 percent in the current financial year, compared to a one percent decline in sales earlier.
Despite the corona, agricultural income is expected to grow, the rating agency said. In addition, demand for tractors may increase due to increased Kharif sowing and better monsoon in southern and western parts of India.
Gautam Shahi, director of CRISIL, said that raising the minimum support price by the Center would boost agricultural income, which would help the tractor sales continue to accelerate. Tractor sales grew 12 percent year-on-year during April-September 2020.