MODERATE GROWTH IN FY24

The Society of Indian Automobile Manufacturers SIAM) validates a moderate growth in FY24, writes Richa Tyagi.

- Richa Tyagi

Society of Indian Automobile Manufacturers (SIAM) validated a moderate growth for the commercial vehicle segment in its comprehensive data on motor vehicle production, domestic sales and exports released for March 2024, the fourth quarter of FY24 (Q4-FY24). This crucial data rounded off the overall performance in FY24 cutting the industry’s task out for the next fiscal. Reflecting on the sector’s performance Vinod Aggarwal, President, SIAM and MD and CEO, of VE Commercial Vehicles Ltd. expressed, “On the backdrop of robust economic growth of 7.6 per cent based on conducive policies of Government of India, the Indian automobile industry has posted a satisfactory performance with the domestic industry growing by 12.5 per cent during the last Financial Year.”

Providing a closer look at the CV segment figures, Rajesh Menon, Director General, SIAM elaborated, “Three-wheelers posted sales of 1.65 lakh units at a growth rate of seven per cent. CVs registered a decline of four per cent with a cumulative sale of over 2.68 lakh units in Q4-FY24 compared to Q4-FY23.”

Monthly Performance: March 2024