Domestic auto sales volume (excluding CVs) grew 18% YoY and 9% MoM to 18,08,686 units in May'23.
All segments of the automobile industry performed well in the domestic market.
UV segment had the highest growth of 33.5% YoY and contributed 54% to the industry's PV volume.
PV segment grew by 15% YoY and 1% MoM, with UV sales growing by 34% YoY.
Scooter and motorcycle segment saw growth of 12% and 21% YoY, respectively.
Domestic 3W sales increased by 70% YoY, with passenger carriers growing by 91% YoY.
Overall exports declined by 22% YoY, but are expected to improve steadily in FY24.
Inventory levels varied across segments, with PV segment seeing an increase and 2W segment seeing a decrease.
Expectations of steady volume improvement in FY24 due to rural recovery and semiconductor supply improvements.
Positive impact on profitability expected due to volume recovery, commodity cost deflation, and lower energy costs.