Toyota Kirloskar Motor has said on Friday that its Dhanteras retail sales spiked over 12 per cent year-on-year increase in “order taking” on the auspicious occasion of Dhanteras this year.
The automaker in a late evening statement also said that apart from other factors, it expects November volumes to be more bullish over the previous month due to pent-up demand coupled with festive season.
Traditionally, the festival of Dhanteras witnesses higher demand for gold, jewelry and automobiles due to its auspicious significance.
In 2020, the festival was celebrated over two days in various parts of the country.
“There has been a 10-13 per cent increase in order taking this year on Dhanteras when compared to the same period last year. Dhanteras in 2020 has been celebrated over two days in various parts of the country and hence in terms of retail sales also, we have witnessed a 12 per cent growth when compared to Dhanteras last year,” Naveen Soni, Senior Vice President, Sales & Service, Toyota Kirloskar Motor (TKM) said in the statement.
TKM is hoping that sales in November will be more bullish when compared to October sales, he said.
Soni said a gradual but steady recovery is taking place over the last few months and this can be attributed to a few factors including pent-up demand from the last few months, festive demand that has contributed to the overall sales in the month of October and November.
Besides consolidation of the market at the lower end due to personal mobility issues and finally the kind of offers and schemes that the auto manufacturers have been offering to customers to push demand have also contributed to the overall sales in the previous and current month, Soni said.
“The first two factors being topical are bound to gradually taper down, beginning next month. We have already witnessed a decrease in demand created due to pent-up demand from 36 per cent in the earlier months to around 20 per cent last month. Similarly, festive demand will also last till about the end of this month,” he said.
Therefore, what is more prone to sustain are factors like consolidation of the market at the lower end due to personal mobility issues and the variety of schemes and offers that OEMs can come up with, Soni said.