PV sales in May remain flat

India’s automotive sector reported cumulative sales of 15,32, 809 units in May 2022  across all vehicle categories as against 14,21,241 units in April 2022, said SIAM in its monthly sales announcement. Given that the numbers for the year-earlier May are not comparable, a sequential picture has to be taken into account.

Sales of PVs at 251,052 units in May 2022 were flat as compared to April 2022 sales which as per SIAM were 251,581 units. The UV segment actually showed a dip of 8 percent in its May 2022 tally recording sales of 116,256 units as against 127,213 in April 2022.

In the two-wheeler segment. May sales were 12,53,817 units, 9 percent over 11,48,696 units recorded in the April 2022. Within the two-wheeler segment, sales of motorcycles were at 819,940 units 11 percent up as compared to 735,360 units in April 2022.

Sales of bikes in May 2022 helped the overall May numbers increase by 7 percent from the April 2022 tally.

Rajesh Menon, Director General, SIAM said, “Sales of  two and three wheelers continue to remain sluggish in May 2022, as they are even below of what it was 9 years and 14 years ago, respectively. Sales in the passenger vehicle segment are also still below 2018 level. Recent government interventions would help in easing of the supply side challenges, but the second hike in repo-rates by RBI and increase in third party insurance rates, could become more challenging for the customers, thereby impacting demand.”