After the festive boost, passenger vehicle sales hit the skids in November
Subscribe to enjoy similar stories. Passenger vehicle (PV) sales, which have been struggling to maintain momentum throughout 2024, experienced yet another setback in November following the festive season-led surge, according to a Mint analysis of vehicle-registration data from the ministry of road transport and highways’ Vahan portal. PV sales contracted 7.6% year-on-year, with registrations dropping to 400,746 units in November from 433,677 units a year ago, showed the data.
"Weak demand conditions continue, with high discounts persisting even after the festive season sales and inventory reduction," noted a recent Nomura report about the PV segment. This decline represents a dramatic shift from October's peak of 560,823 units —the highest in at least four years—when festive season-driven deep discounts temporarily bolstered the already moderating PV sales. The 42-day festive season, as observed by the Federation of Automobile Dealers Associations (FADA), showed an impressive 7% growth in the PV segment.
A month-wise analysis of car sales shows that five out of 11 months in 2024—March, June, August, September and November—registered year-on-year contraction. This downturn is a continuation of an already tepid performance in the Indian PV market during the first half of 2024-25. According to the Society of Indian Automobile Manufacturers (Siam), PV sales grew by a mere 0.5% between April and September 2024, falling significantly short of the projected 3-4% growth.
Read more on livemint.com
