Retail Vehicle Sale Up By 8% in August: FADA
When compared with August 2019, a pre-COVID-19 month, total vehicle retails fell by 7 per cent
The auto retail for the month of August 2022 witnessed an overall growth of 8 per cent.
"Auto retail for the month of August 2022 saw an overall growth of 8 pre cent. August opens the door for festival season to kick in. While dealers anticipated good Ganesh Chaturthi in August, the results thus far have not been encouraging. In spite of good monsoons, the festive season began with a dampener," said Manish Raj Singhania, president federation of automobile dealers associations of India (FADA)
When compared with August 2019, a pre-COVID-19 month, total vehicle retails fell by 7 per cent. While passenger vehicles outperformed handsomely by growing 41 per cent, commercial vehicles also turned positive by growing 6 per cent and thus came out of the COVID-19 blues. All the other segments were in red with two-wheelers, three wheelers and tractors falling by 16 per cent, 1 per cent and 7 per cent respectively.
While the two wheeler segment has grown by 8.5 per cent year-on-year, it continues to face covid blues due to underperformance of Bharat and is still not above 2019 levels. This coupled with price hikes has made the two wheeler product out of reach for most entry level customers. The three wheeler space grew by 83 per cent year-on-year. The CV segment continues to witness an upswing in economic activities post monsoon and saw a growth of 24 per cent YoY. The PV segment grew by 6.5 per cent YoY.