November 2023 breaks records: Indian auto market achieves highest-ever sales, FADA
Japan to become the world's third-largest market in terms of sales, trailing only behind China and the United States. The automotive sector has experienced exceptional strength throughout 2023, and November stands out as a significant month, with two-wheelers and passenger vehicles (PVs) exhibiting notable strength.
In the past month, two-wheeler sales reached a pinnacle at 22.47 lakh units, surpassing the previous record of 20.7 lakh units set in March 2020. Likewise, sales of passenger vehicles (PVs) or cars achieved a new peak at 3.6 lakh units, exceeding the previous best figure of 3.57 lakh units in March 2020.
The notable surge in sales can be attributed to the occurrence of the festive period of Dhanteras and Diwali in November this year. Additionally, the commencement of the marriage season in many parts of the country during November acted as a catalyst for increased sales.
FADA President Manish Raj Singhania stated, "November '23 witnessed a YoY growth of 18 percent and MoM growth of 35 percent. Two-wheelers, three-wheelers, and passenger vehicles showed growth of 21 percent, 23 percent, and 17 percent, respectively, on a YoY basis." However, it was noted that tractor and commercial vehicle sales experienced a decline of 21 percent and two percent, respectively.
FADA also acknowledges that the influence of weather conditions on rabi cultivation could potentially affect future vehicle sales. A press statement from FADA emphasizes, "Severe rains and hailstorms in west and south India are expected to dampen rabi cultivation, which is already experiencing slow sowing and low reservoir levels, potentially impacting the final crop output." “This may also lead to increased inflation, making daily essentials more
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