New Delhi, Mar 11 (KNN) Domestic passenger vehicle (PV) sales grew by 11 per cent year-on-year (YoY) in February to 291,928 units as against 2,62,984 units in February 2022, as per a data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday.

According to the data, the three-wheeler sales were 50,382 units and two-wheeler sales were 11,29,661 units in February 2023 as against 27,074 and 10,50,079 in February 2022.

Speaking about the data released, Vinod Aggarwal, President, SIAM said, "Overall positive sentiments in the market continues, which is also driven by encouraging announcements at the Union Budget for consumers.”

SIAM pointed out that Auto Industry is fully geared up for transition to Phase 2 of BS 6 Emission Norms for all categories of vehicles from next month. 

“Hike in Repo Rates in February, which would result in higher cost of borrowings, remains a concern and we hope that the rates would get moderated suitably,” he said.

Commenting on the sales data, Rajesh Menon, Director General, SIAM said, “The two-wheeler segment posted a moderate growth of 8 per cent in February 2023, compared to February 2022.”

“In the period April - February, two and three-wheelers are yet to reach the pre-Covid levels, though it is the highest ever for passenger vehicles,” he said.

As per the SIAM data, the total production of passenger vehicles, three wheelers, two-wheelers and quadricycles in the month of February 2023 were 17,54,922 units.

It said that passenger vehicles sales were 34,61,716 units in April 2022 - February 2023, three-wheeler sales were 4,34,408 units in April 2022 - February 2023 and two-wheeler sales were 1,45,71,534 units in April 2022 - February 2023.  (KNN Bureau)