The Indian automobile industry recorded total production of 1,874,461 units in April 2022, according to the Society of Indian Automobile Manufacturers (Siam). This figure includes PVs, two-wheelers, three-wheelers, and quadricycles. Total sales were recorded at 1,421,241 units in April 2022, up 12% as against 1,270,604 during the same period last year. Commenting on April-2022 performance, Mr Rajesh Menon, Director General, SIAM said, Sales of Passenger Vehicles is still below the April 2017 figures, while Two Wheelers are even below the April 2012 figures. Three-Wheelers are yet to reach normal levels, as sales are still less than 50% of April 2016 figures. Manufacturers are working hard to manage the supplier ecosystem with agility and flexibility, as supply side challenges continues for the industry. Further, manufacturers are also monitoring the likely impact on demand, due to the recent hike in repo-rates, as it would increase the lending rates to the customers. The Reserve Bank of India last week announced an increase in repo rates by 40 basis points, in a surprise move to curb inflation.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
