FADA Says Domestic PV Retail Sales Down 11% In July, However, Overall Vehicle Sales Up On Monthly Basis
According to the Federation Of Automobile Dealers Association (FADA), the October vehicle registrations data showed positive momentum with the biggest 2 festivals of Navratri/Dussehra and Diwali being in the same month. Never before seen attractive offers boosted the overall positive mood of the buyers says FADA.
On a YoY basis, overall vehicle registrations rose by 4%. 2-Wheeler registrations were up 5%, 3- Wheeler were up 4%, PV were up 11% and CV registered de-growth of -23%. On inventory front, PV inventory, already being at reasonable levels, saw a further marginal drop reaching the ideal mark. CV inventory also reduced but still remains above comfortable levels heading into the BS6 implementation.
FADA still remains cautious for the near and mid-term post the Festive seasons as BS VI transition approaches and rural demand is yet to pick up due to extended and excessive monsoon. Business appetite of banks and NBFC's is seen to be growing and will aid in demand recovery in the coming months.
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