September auto retails down 9.26% on heavy rainfall, weak sentiments
passenger vehicles, two-wheelers and commercial vehicles in September, pulling the overall sales to customers down 9.26% year on year to 1,723,330 units, Federation of Automobile Dealership Associations (Fada) said on Monday.
While the passenger vehicle retails have been on a decline for some months now, this is the first monthly sales drop at an aggregate level (across the segments) since the start of this fiscal, indicating a broad-based slowdown in the world’s largest two and three-wheeler market and third-largest car market.
Despite steep discounts and attractive consumer offers, car retail sales fell nearly 19% year on year last month. Passenger vehicle (PV) dealers are facing all-time high inventory levels of 80-85 days, equivalent to 790,000 vehicles worth about ₹79,000 crore, due to aggressive dispatches by automakers, Fada said in a statement.
C S Vigneshwar, president of Fada, said seasonal factors such as the 16-day Shraddh or Pitru Paksha in the second half of September, coupled with heavy rainfall and a sluggish economy, exacerbated the situation, leaving dealers with historically high inventory levels.
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