The automobile retail sales in November fell below market expectations, posting an 11.2 per cent growth compared to the same period last year. The development comes following a lucrative festive season in October.
Passenger vehicle (PV) retail sales in India declined by 4.53 per cent in August to 3,09,053 units owing to the impact of excess rainfall.
The growth was driven by a surge in rural economy in parts of the country, good product availability and launch of new products.
Inventory levels in passenger vehicles in June reached an all-time high, ranging from 62 to 67 days, the report said
For the first month of this fiscal, the automobile retail sales grew 27 per cent in April to 2.2 million units compared to the year before, the Federation of Automobile Dealers Associations (FADA) said on Wednesday. As many as 1.74 million units were sold in April 2023.
The surge is on the back of enhanced vehicle availability, improved demand due to economic conditions, and the impact of marriage season.
The strong performance was supported by SUV demand, the introduction of new models, greater availability, effective marketing, consumer schemes, and the auspicious wedding season.
The ongoing Diwali festival season is all set to bring cheers for the trading community of the country as it is expected that there will be a fresh infusion of about Rs 2.5 lakh crore in the markets by way of shopping and sale of goods and usage of services, said the Confederation of All India Traders (CAIT).
The total retail sales of vehicles witnessed 11 per cent year-on-year growth during September 2022, a report by the Federation of Automobile Dealers Associations (FADA) said on Tuesday.
We will once again like to reiterate the fact that FADA will continue to stand strong with its dealer members and will do whatever is possible for them, spokesman said.
