India#39;s passenger vehicle retail sales were up 10 percent YoY in February 2023. Wholesale volumes were up 11 percent YoY. On the 2-wheeler front, retail sales were up around 14 percent YoY in February 2023. Nomura believes that demand may get impacted largely for small cars as regulatory requirements for real driving emission (RDE) and six airbags will increase the overall cost for passenger vehicles (PV) and projects industry growth of 6 percent YoY in FY24F, Nomura said.
