Indian passenger car sales growth in the fiscal year 2024-25 is expected to be below five percent according to a forecast by the Society of Indian Automobile Manufacturers (SIAM) issued on Tuesday, November 26.
“The flat sales of passenger vehicles in the first half of 2024-25 came as a slight surprise for the automobile industry, but it is expecting a rebound in the second half due to the festival season, Shailesh Chandra, president of SIAM said.
SIAM revealed that in first half of the fiscal year 2024-25 domestic wholesale sales (dispatches to dealers) of passenger vehicles recorded a marginal increase of 0.53 percent over the corresponding half of the previous year to 2.081 million units.
“The triangulated view at the beginning of the fiscal year was 5-8 percent growth. The expectation for H1 was slightly better. It was a slight surprise, especially May and June, which did not go as per our expectations. May and June affected us badly,” Chandra said.
“The sales went up in September but then they were offset by poor sales subsequently. H2 now has a big burden. That is why we expect sub-5 percent growth in 2024-25,” he said.