Led by positive macro-economic factors, passenger vehicle sales in India have been advancing month-on-month since FY22. Fuelled by the festive season, November dispatches touched a new high of 334,000 units. In FY23, sales touched a record high of 3.8 million units, surpassing the pre-Covid peak of 3.3 million units seen in FY19. Demand momentum is expected to continue but at a slower growth rate in FY24 due to the higher base of FY23.
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