Historic November for auto sales in India: FADA
Passenger vehicles and two-wheelers set new all-time highs.
Passenger vehicles and two-wheelers set new all-time highs.
Revenue of auto OEMs is expected to grow at 19% YoY in Q4FY23, while it is projected to register a growth of 8% QoQ, according to Axis Securities.
The ratings agency expects the domestic sales volumes to grow 7%-10% year-on-year in FY24, after rising 19%-21% in FY23.
As industry enters a new growth phase, emerging ancillary players are shaking up the status quo.
Domestic industry volumes will continue to drive growth, with export prospects remaining weak, says ICRA.
India is the third largest automotive market and is expected to lead the rebound in passenger vehicle sales.
At 28%—the highest slab of GST—and a compensation cess ranging between 1% and 22%, India's policy of heavily taxing passenger vehicles is dulling the prospects of growth in the industry, says Bhargava
SIAM data shows auto companies sold 2,76,231 PV units in November 2022, a growth of 28.1%. It’s 32% if Tata Motors’ numbers are added.
The implementation of BSVI Stage II regulations, which will mandate the onboard diagnostics (OBD)-2 norms, is going to entail a steep price hike across all categories of vehicles.
FADA says October will see auto retail on high grounds, with dealers anticipating the month to be the “best festive in a decade” for the PV segment.