Covid hit: PV sales down by over 61% from May'19 levels
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Covid-induced economic volatility contracted the demand for domestic passenger vehicles in last month from May 2019 levels.
However, base effect along with low interest rates and some pent-up demand showed an accelerated rise in domestic demand in May 2021 on a year-on-year basis.
Accordingly, sales of passenger vehicles increased to 88,045 last month compared to 33,546 units sold during the same period of 2020.
The May figures were lower by 61.2 per cent from 2,26,975 units sold during May 2019 levels.
The category includes sub-segments of cars, utility vehicles and vans.
A total of 41,536 passenger cars were sold in the domestic market up from 14,460 units in the like period of 2020.
The sub-category had an off-take of 1,43,449 units.
SIAM said that the data does not include sales figures from some key players such as Tata Motors.
