BENGALURU, Feb 13 (Reuters) - India's wholesale
passenger vehicles sales volume grew 17.2% in January on the
back of strong demand for utility vehicles (UV) and better
consumer sentiment, the Society of Indian Automobile
Manufacturers (SIAM) said on Monday.
Wholesale passenger vehicle volumes rose to 298,093 units –
a record-high for January – from 254,287 units a year ago, said
SIAM, which records sales to dealers.
Earlier this month, the Federation of Automobile Dealers
Associations (FADA), which publishes retail sales data, said
passenger vehicle sales grew 22% in January, adding that the
reopening of factories in China would help improve supply.
Auto sales numbers are keenly watched as they are one of the
key indicators used to assess private consumption, carrying more
than 50% weightage in calculating the country's economic growth.
Sales of the now-popular and mostly pricier UVs grew around
28% and continued to outnumber that of passenger cars – which
include entry-level cars and sedans – in January, according to
SIAM data.
"Better consumer sentiment is driving demand for passenger
vehicles," SIAM President Vinod Aggarwal said.
Two-wheeler sales, an indicator of the financial health of
India's lower- to middle-income households, were up only 3.8%
for the month, compared to a 6.3% rise in the October-December
festive period.
"The rate of growth of two-wheelers in the recent year has
not kept pace with the growth in the other segments," Aggarwal
said.
(Reporting by Nandan Mandayam in Bengaluru)
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