
Auto sales jump 19% in festive season; price hikes in the offing
Several automakers on Monday announced their plans to raise prices by January 2024.
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.
The surge is boosted by the launch of new models, continuously improving supply coupled with a healthy booking-to-cancellation ratio, and the wedding season, according to FADA.
All categories were in green in January 2023, with 2-wheeler, 3-wheeler, passenger vehicle, tractor and commercial vehicles growing by 10%, 59%, 22%, 8% and 16%, respectively, FADA data shows.
Easing chip shortage globally has helped Indian companies like Maruti Suzuki and Tata Motors post record sales in 2022.