According to the Society of Indian Automobile Manufacturers (SIAM), the wholesale sales volume of passenger vehicles in India increased by 17.2% in January due to high demand for utility vehicles (UV) and improved consumer sentiment.
The wholesale passenger car volumes increased from 254,287 units a year earlier to 298,093 units, a record-high for January, according to SIAM data.
The Federation of Automobile Dealers Associations (FADA) said earlier in February that passenger vehicle sales increased by 22% in January and noted that the supply would be improved by the reopening of factories in China.
SIAM data also revealed that sales of the increasingly common and more expensive UVs increased by almost 28% in January and continued to outpace those of passenger cars.
According to SIAM President Mr. Vinod Aggarwal, "Better consumer sentiment is driving demand for passenger automobiles."
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.