SUVs continue to steer demand in auto sector

Passenger vehicle wholesales in India rose 11 per cent year-on-year in February, as sports utility vehicles continued to steer demand in the market, industry body SIAM said on Tuesday.

The total passenger vehicle dispatches to dealers last month stood at 370,786 units, as compared to 334,790 units in the year-ago period.

"Passenger vehicles again reported its highest-ever sales of February posting sales of 3.7 lakh units with a growth of 10.8 per cent as compared to February 2023," SIAM director general Rajesh Menon said in a statement.

The total two-wheeler sales rose 35 per cent to 15,20,761 units in February, as against 11,29,661 units in the same month last year.

Three-wheeler dispatches rose to 54,584 units last month, as against 50,382 units in February last year.

"Passenger vehicles, two-wheelers, and three-wheelers have posted growth in February 2024 compared to the previous year, while commercial vehicles have witnessed a slight de-growth," Society of Indian Automobile Manufacturers (SIAM) president Vinod Aggarwal said in a statement.

Overall robust GDP growth of the country in the third quarter of 2023-24 has helped the auto sector, he added.