Q3-FY24 CV BUSINESS OVERVIEW

THE SOCIETY OF INDIAN AUTOMOBILE MANUFACTURERS (SIAM) BROUGHT OUT ITS LATEST PERFORMANCE REPORT FOR THE THIRD QUARTER OF FY2023-24 (Q3-FY24)

SIAM, in a detailed. overview, highlighted the production, domestic sales and export performance of Commercial Vehicles (CVS) for the third quarter of FY24 (Q3-FY24). The performance and forward-looking outlooks for the respective segments were attributed to the influencing factors that the industry is closely monitoring.

Vinod Aggarwal, President of SIAM expressed that the auto industry as a whole is optimistic about continued growth in the calendar year 2024. He cited the three-wheeler segment that registered a 31 percent Yearover-Year (YoY) growth in December 2023 having sold 50,537 units. The President attributed this to increased commercial activities and the need for last-mile connectivity solutions, especially in urban and semiurban areas as positive signs.

Building on this buoyant stance, Rajesh Menon, Director General of SIAM added, "The three-wheeler segment posted its highest Q3-FY24 sales ever against the backdrop of passenger vehicles crossing the four million mark for the first time, in a calendar year." He attributed the growth to consumer demand, economic developments and correlated government initiatives expected to rub off on other segments.

Q3-FY24 PERFORMANCE