Wholesale volumes of PVs rose 2.7% to 3,377,436 units, of commercial vehicles by 17.55% to 1,007,319 units.
The dealers' body also said that while new inquiries from customers haven't gone down significantly, actual sales have seen a major dip.
After 2 years of high double-digit growth, segment sees just 2% rise in FY19 due to higher fuel, insurance costs
Slowing urban consumption and rise in cost of ownership forced many buyers to either defer the purchase.
Insurance costs, liquidity crunch and fuel prices have led to the downturn after Diwali, says Rajiv Bajaj.
M&M managed to sell 2.55 lakh passenger vehicles, growing 2% over the preceding year.
The company is betting on technology to keep alive the business of capturing pictures of visitors to tourist attractions.
The company had in August 2017 announced plans of diversifying into electric car manufacturing and the group had earmarked Rs 3,500-4,000 crore as capital expenditure for the same.
The highest bid was for an untitled 1973 VS Gaitonde that fetched Rs 22 crore.
City speed two-wheelers currently account for 95% of electric two-wheeler sales in the Indian market.
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