Passenger vehicle sales faced a downturn in March: FADA
Two-wheeler EV sales surged due to the expiration of the FAME 2 subsidy on March 31.
Two-wheeler EV sales surged due to the expiration of the FAME 2 subsidy on March 31.
Passenger cars marked the highest February sales figures ever, driven by new product introductions and enhanced vehicle availability, says FADA
SUVs in particular saw strong demand, with extended waiting periods for key models.
Several automakers on Monday announced their plans to raise prices by January 2024.
The auto market showed consistent demand for luxury cars and SUVs, signifying a robust consumer appetite for premium segments, says FADA.
It is alarming that inventory levels have exceeded the 60-day supply for the first time, says FADA.
Severe monsoons and flood-like situations impacted sales
2W EV sales contributed 7% and 3W EV sales contributed a substantial 56% to their respective total sales.
Entry-level PVs have fewer buyers, suggesting that customers at the bottom of the pyramid are still hesitant to upgrade from two-wheelers to four-wheelers, says FADA.
Two-wheeler sales grew 12% year-on-year in March but were down 9% from pre-Covid levels.