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Revving Up: Auto Sales Surge in May'23, UVs Take the Lead




  • 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.

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