Comments
| Category | Festive 24 | Festive 23 | Growth % | |
|---|---|---|---|---|
| 2W | 33,11,325 | 29,10,141 | 13.79% | |
| 3W | 1,59,960 | 1,49,764 | 6.81% | |
| CV | 1,28,738 | 1,27,436 | 1.02% | |
| PV | 6,03,009 | 5,63,059 | 7.10% | |
Riding on generous discounts and attractive bundled offers, automobile dealers have reported a record 11.76 per cent growth in sales this festival season.
During the festival season, spanning over 42 days, dealers sold 42.88 lakh vehicle units, marking an increase compared to 38.37 lakh vehicle units last year.
“I am delighted to announce that the automobile retail sector has achieved a new milestone, surpassing last year’s festive records. We witnessed a remarkable surge in numbers since the beginning of Navratri, nearly hitting our forecasted target,” said CS Vigneshwar, President, Federation of Automobile Dealers Association (FADA).
The auto dealers had set a target of selling 45 lakh units this festival season. “We acknowledge that we could have fully met or even exceeded our targets of 45 lakh units if not for the unseasonal heavy rains in South India, especially in Bengaluru and Tamil Nadu, and the Cyclone Dana that affected Odisha,” FADA said.
Two-wheeler sales were particularly robust, registering a 13.79 per cent growth to reach 33.11 lakh units, driven by strong rural demand. Passenger vehicles also bounced back after a lull, growing by 7.10 per cent to 6.03 lakh units, spurred by pent-up demand and unprecedented discounts available in the market.
businessline had earlier reported that passenger vehicle inventory had come down from an all-time high of 85 days. Before the festival sale, dealers across the country had 7.9 lakh vehicles, valued at ₹79,000 crore in stock.
While the festive demand has helped reduce inventory levels, FADA urged carmakers to focus on liquidating the 2024 stock so that dealers can enter 2025 with 21 days of inventory.
“Looking ahead, the auto industry is yet to fully benefit from a government push in infrastructure spending, which we expect will bolster commercial vehicle sales. Additionally, tractors should perform better, supported by good rainfall and the government’s increase in the Minimum Support Price (MSP) of crops, putting more money into farmers’ hands,” Vigneshwar added.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.