India: PV sales grow in strong double digits in Oct 20 due to festive demand

• Sales of passenger vehicles and two-wheelers increased in strong double-digits in Oct 20 as manufacturers stocked dealerships in anticipation of robust demand during the festive season.
• According to data released by industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales rose 14.19% to 310,294 units in Oct 20. The industry volumes would be even higher at around 330,000 units if we were to consider sales of Tata Motors, which has stopped reporting data on a monthly basis.
• Sales of two-wheelers in the period under review were up 16.88% to 2,053,814 units. Three-wheeler sales declined 60.91% to 26,187 units.
• Commenting on the data, Rajesh Menon, Director General, SIAM said “The month of Oct 20 saw continuity in sales growth trajectory, drawing on from the previous month [Sep 20]. There were marked improvements witnessed across certain segments due to very good festive demand.”

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