All-Time High January Sales Boost Automakers with Utility Vehicle Demand Surge

Passenger vehicle dispatches rose 1.6% year-on-year in January, reaching a record 3,99,386 units due to strong utility vehicle demand, SIAM reported. India's largest carmaker, Maruti Suzuki, increased sales by 4%, while Hyundai faced a 5% decline. The Union Budget aims to sustain growth and consumer confidence.

In an unprecedented surge, passenger vehicle dispatches to dealerships increased by 1.6% year-on-year in January, hitting a record of 3,99,386 units, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

This milestone was driven primarily by a robust demand for utility vehicles, which saw a 6% increase to 2,12,995 units compared to the previous year.

Maruti Suzuki India, the country's largest carmaker, reported a 4% rise in sales, while Hyundai Motor India experienced a 5% decline. Meanwhile, the recent Union Budget is anticipated to further bolster consumer confidence through tax changes and interest rate reductions, potentially sustaining growth in the auto industry.

(With inputs from agencies.)