Auto retail sales grow by 18% in Nov; 2-wheeler, passenger vehicles reach all time high
economictimes.indiatimes.comFederation of Automobiles Dealers Associations (FADA) on Wednesday said that the auto sales in November grew by 18 per cent annually with a historic sale of 28.54 vehicles, surpassing March 2020 record of 25.69 vehicles.
The apex body also said that the record sales come amid the industry's transition to BS-6 from BS-4 emission norms.
The FADA President, Manish Raj Singhaniya noted that November 2023 witnessed a strong surge in the PV category, primarily fuelled by Deepawali and the launch of new and appealing models along with improved supply chain channels.
«However, the period following the festivities saw a noticeable slowdown, coupled with a critical challenge of slow-moving inventory due to a mismatch in demand and supply which is still not resolved.
This issue casts a shadow over the otherwise positive trends, highlighting the need for strategic adjustments in inventory management,» he added.
Further, the 2-wheelers segment and passenger vehicles (PV) reached an all time high with 22.47 lakh and 3.6 lakh vehicles sold respectively.
2W grew by 21 per cent while the PVs registered a growth of 17 per cent on a year-on-year basis.
«For the 2W category, the month witnessed a significant boost in auto retail, thus making it clock all-time high retails, buoyed by the festive excitement of Deepawali and enhanced by strong rural sentiments, thanks to thriving agricultural income,» said Singhania.
On a month-on-month basis the 2W category grew by a remarkable 49 per cent, and the PV segment grew by 2 per cent, leading the entire industry to a growth of 35 per cent MoM.
«New product launches and better model supply further fuelled the market's growth, while electric vehicle sales demonstrated an encouraging upward
