Auto retail sales surge 18.5% in November boosted by festive, wedding season: FADA
Total retail sales grew almost 19% for the auto industry in November. Passenger vehicle retail sales grew 17% in November, while two-wheeler retail sales saw a 21% jump.
The Federation of Automobile Dealers Associations (FADA) has released the November 2023 vehicle retail data, which shows a strong surge in sales and marks a historic achievement for the Indian Auto Retail Industry.
Total retail sales grew by almost 18.5% for the auto industry in November. Passenger vehicle retail sales grew 17% in November, while two-wheeler retail sales saw a 21% jump.
Manish Raj Singhania, the President of FADA, talked about this amazing achievement on CNBC-TV18. He said, "Actually, it's a historic month; we had record-breaking sales in two-wheelers and passenger cars." Two-wheelers sold around 22.47 lakh vehicles, which is even more than their previous highest sales in March 2020. Passenger vehicles reached 3.6 lakh vehicles, beating the previous highest sales in October 2022.
He explained that last year, Diwali was in October, but this time it was in November, followed by the marriage season. This change in timing really boosted vehicle sales.
Looking ahead, Singhania is feeling positive about the future. He said, "Coming forward-looking to the future, I think we are optimistic about the future retails also due to the marriage season and the harvest season coming through." He expects single-digit growth to continue in December, and there might be some special offers for customers.
Talking about two-wheelers, Singhania mentioned that the marriage season and the harvest season will contribute to more growth in this industry. He believes that two-wheelers will do even better than passenger cars.
Singhania also pointed out that in states where elections were happening, there was a bit of a decrease in sales for commercial vehicles. He said, "So, for commercial vehicles during our survey, the dealers responded that election-bound states and managing cash was a bit difficult and orders kind of had a backlog." But he added that dealers are optimistic about the future of commercial vehicles.
Also Read | November Auto Sales Preview: 2-wheelers to make a comeback, passenger vehicles in slow lane
(Edited by : Ajay Vaishnav)
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