Domestic Auto Industry Optimistic of Steady Growth in FY25: SIAM

With emphasis on economic development amid policy continuity by the new government, the auto industry is optimistic of steady growth in 2024-25,” according to the Society of Indian Automobile Manufacturers (SIAM).

The growth in sales in FY24 was mainly supported by positive sentiment.

"With expectations of above normal monsoon and continued emphasis on economic development by the new government, as it pursues its goal of ‘Viksit Bharat’ by 2047, the auto industry is optimistic of steady growth in 2024-25 as well,” said Vinod Aggarwal, President, SIAM.

Meanwhile, total passenger vehicle sales in India climbed 4.3 per cent from a year earlier to 300,795 in May, after a 1.2 per cent rise in the previous month.

The figures exclude BMW, Mercedes, JLR and Volvo.

Also, Maruti Suzuki India’s premium car Nexa sales surpassed the 25 lakh-unit milestone in the country.

The cumulative Nexa vehicle dispatches totalled 25.8 lakh units at the end of March.

Together with April (42,727 units) and May wholesales, the Nexa figures increased to an estimated 26.7 lakh units.