Mixed Signals in Indian Auto Industry: A Closer Look
Passenger vehicle dispatches in India declined slightly in July, largely due to subdued demand. However, two-wheelers showed growth, with scooter sales increasing significantly. Industry experts remain cautiously optimistic, anticipating a potential uptick in demand with the onset of festive season.
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Passenger vehicle dispatches in India's domestic market witnessed a slight dip in July, according to the Society of Indian Automobile Manufacturers (SIAM). With dispatches falling to 3,40,772 units from 3,41,510 units the previous year, the segment's demand remained subdued.
In contrast, two-wheelers demonstrated positive growth. Dispatches increased by 9%, reaching 15,67,267 units, with scooter sales showing a notable 16% rise. Motorcycle dispatches also climbed by 5% year-on-year.
The industry remains hopeful with the festive season approaching. 'We are cautiously optimistic for demand momentum to pick up,' commented SIAM Director General Rajesh Menon. The Onam festival in late August may potentially boost auto demand.
(With inputs from agencies.)
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