IN A 1ST, CAR SALES TOP 4 MILLION MARK IN 2023
NEWS Desk Global

Powered by SUVs, the car industry crossed the psychological 4-million mark for the first time in 2023, growing by 8% during the year. Companies, however, expect "flat to moderate" growth curve in the new year as concerns around interest rates and the end of pent-up demand are likely to slow down new purchases. Car sales wrapped up 2023 with total sales at 41.1 lakh units, a growth of 8% over the 37.9 lakh cars sold in 2022. The industry, which was under pressure after Covid-induced lockdowns were announced around March of 2020, had experienced a massive turnaround when markets opened up again. The pandemic also gave a boost to personal mobility.
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