Car sales in fast lane with 8.4% growth in FY24, riding on robust growth and chip supply

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India's total Passenger Vehicle (PV) sales grew by 8.4 percent year-on-year to 42.18 lakh units for the fiscal year 2023-24 on the back of robust demand for Utility Vehicles (UVs), according to the data shared by the Society of Indian Automobile Manufacturers (SIAM). Total PV dispatches stood at 38.90 lakh units in fiscal year 2022-23.

Despite rising commodity prices and increase in vehicle costs, several factors such as improved supply of semiconductor chips and stronger economic growth resulted in higher vehicle offtake, according to SIAM.

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Total vehicle wholesale across categories stood at 2.38 crore units in FY24, which was 12.5 percent higher than 2.12 crore units recorded in FY23, as per the SIAM data. Exports, however, saw a decline of 5.5 percent at 45 lakh units last fiscal, as compared to 47 lakh units in FY23.