Auto sales grow 3.1% in March, PVs and CVs fall 6% each ahead of Lok Sabha elections: FADA
FADA) said on Monday.
With the expiration of FAME-II subsidy on March 31, e-2W sales rose, with the category seeing a market share bump to 9.12 per cent for the first time ever.
Upcoming Lok Sabha took a toll on sales of PVs, CVs and tractors however. PV segment fell 2 per cent on a month-on-month basis and a 6 per cent YoY due to heavy discounting and selective financing, the auto lobby said.
CV segment, down 6 per cent YoY in March, «navigated through a complex environment, balancing election-induced purchase slowdowns with strong demand in specific sectors like coal and cement transportation,» FADA said.
2Ws' sales in March rose 5 per cent, while 3Ws grew 17 per cent. The former's growth was supported by seasonal events, improved vehicle supply and financial incentives.
The 3W segment continued to perform well, hitting an all-time high retail buoyed by higher EV acceptance.
«Although faced with election-related uncertainties and concerns over policy changes, such as free bus travel for women, the overall outlook for the sector remains upbeat, supported by the quality of vehicles and strong market demand,» FADA said.
Auto sales in FY24
The auto retails grew 10 per cent in FY24, with two-wheelers, three-wheelers, PVs, tractors and CVs booked a growth of 9 per cent, 49 per cent, 8.45 per cent, 8 per cent and 5 per cent respectively. 3Ws, PVs and tractors set a record high in FY24, FADA said.
PV sales hit a record high in FY24 owing to improved vehicle availability, a compelling model mix and the launch of
