PASSENGER vehicle (PV) sales growth fell to a multi-year low in Calendar Year 2024 as the industry grappled with significant challenges in maintaining the post-pandemic growth momentum.
Preliminary data indicates that PV sales (factory dispatches to dealer showrooms) grew by just 4.5%-4.7% to slightly over 4.3 million units in CY2024. This marks the slowest growth in four years, compared to 8.3% in 2023, 23% in 2022, and a staggering 30% in 2021.
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