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.
During the quarter under review, the revenue from operations stood at ₹10,777 crore, up 6%, as against ₹10,203 crore in the corresponding period of the previous year.
The auto market showed consistent demand for luxury cars and SUVs, signifying a robust consumer appetite for premium segments, says FADA.
In comparison to pre-COVID levels, the overall auto retail marked a marginal decrease of 3%, with 2W as the sole laggard
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.
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.
While passenger vehicle sales declined 5% year-on-year in July, the two-wheeler segment witnessed an 11% drop in sales last month.
Two-wheeler sales declined by 4.02% year-on-year to 11,57,681 units last month.