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The automobile industry body Society of Indian Automobile Manufacturers has said passenger vehicle wholesales rose 23 per cent year-on-year in the December 2022 quarter of current financial year (Q3FY23), aided by robust demand in the festive period. It stated the total passenger vehicle dispatches from the companies to dealers in the third quarter rose to 9,34,955 units compared to 7,61,124 units in the same period of the previous financial year. In December, passenger vehicle sales witnessed an increase of 7 per cent at 2,35,309 units against 2,19,421 units in the year-ago month.

Moreover, it mentioned the total commercial vehicles increased by 17 per cent year-on-year to 2,27,111 units in the third quarter, while two-wheelers saw an increase of 6 per cent at 38,59,030 units. Similarly, three-wheeler dispatches rose to 1,38,511 units from 82,547 units in the October-December period of last fiscal. The total sales during the quarter increased to 51,59,758 units from 46,68,562 units in the year-ago period.

Commenting on the three-month sales data, Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon said segments like commercial vehicles, three-wheelers and two-wheelers have also witnessed an increase in wholesales during the period under review. He noted festive season has helped in returning good sales numbers for all the segments. However, weakness in rural demand continues, as high food inflation and increased financing cost is impacting the rural market.