Dynamite News Vehicle retail sales up 19% to 37.93lakh units during the 42-day festive period: FADA
Significant growth was observed in the two-wheeler, three-wheeler, commercial vehicles and passenger vehicles, with respective rises of 21%, 41%, 8%, and 10%. Conversely, the tractor segment experienced a slight decline of 0.5%, FADA said. Read further on Dynamite News:
New Delhi: The Federation of Automobile Dealers Associations (FADA) Tuesday reported that the vehicle retail sales during the 42-day festive period increased by 19% to 37.93lakh units.
“During the 42-day festive period of FY24 (which started on the 1st day of Navratri (October 15) and ended 15 days after Dhanteras (November 25) we reached a new milestone with vehicle sales climbing to 37.93 lakh, a 19% increase from last year's 31.95 lakh, FADA President, Manish Raj Singhania said.
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Significant growth was observed in the two-wheeler, three-wheeler, commercial vehicles and passenger vehicles, with respective rises of 21%, 41%, 8%, and 10%. Conversely, the tractor segment experienced a slight decline of 0.5%.
Record-breaking sales were reported in several categories, with rural areas particularly contributing to the surge in two-wheeler purchases. Despite the initial underperformance during Navratri, particularly in the passenger vehicle sector, the situation improved by Deepawali, ending with a 10% growth rate.
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While SUVs were the highest demanded vehicles, inventory levels for passenger vehicles remain a significant concern as OEMs continue to push further dispatch thus keeping the inventory rate at near to all time high levels, FADA said in a media release.