Record-Breaking Festive Demand Boosts Vehicle Dispatches in October

The Society of Indian Automobile Manufacturers (SIAM) reported record-breaking dispatches of passenger vehicles, two and three-wheelers, facilitated by festive demand and GST rate reductions. October saw substantial increases in sales compared to last year, despite logistical challenges.

In a significant development, the Society of Indian Automobile Manufacturers (SIAM) announced record-breaking dispatches of passenger vehicles as well as two and three-wheelers in October. This increase was primarily driven by robust festive demand and recent adjustments in GST rates.

Passenger vehicle sales surged by 17%, reaching 4,60,739 units compared to 3,93,238 units last year, while two-wheeler sales climbed to 22,10,727 units, marking a 2% rise from the previous year. Notably, scooter sales saw a remarkable 14% year-on-year growth.

Despite some logistical hurdles, the reduced GST rates, effective from September 22, spurred a substantial rise in vehicle registrations and wholesale figures, contributing to the automotive sector's robust performance in October.

(With inputs from agencies.)