India’s auto sales up by 13% in October 2023

Total auto sales in October reached 2,117,596 units, representing a substantial 12.51% increase from the 1,882,071 units sold in September 2023

November 6, 2023

During October, two-wheelers, three-wheelers, passenger vehicles, tractors, and commercial vehicles showed positive trends

The introduction of attractive financial schemes and state elections contributed to the market's optimism

In October 2023, the three-wheeler category achieved a historic milestone, setting a new record in retail sales with 104,711 vehicles sold

Navratri sales in the auto retail industry this year reached record-breaking levels, outperforming the previous peak witnessed during Navratri 2017

India’s auto sales surged by 13% in October 2023 compared to the previous month, and three-wheeler sales achieved a remarkable milestone, according to data from the Federation Of Automobile Dealers Associations (FADA).

Total auto sales in October reached 2,117,596 units, representing a substantial 12.51% increase from the 1,882,071 units sold in September.

During October, two-wheelers, three-wheelers, passenger vehicles, tractors, and commercial vehicles showed positive trends, with growth rates of 15%, 2%, 7%, 15%, and 10%, respectively, compared to the previous month.

The two-wheeler category experienced encouraging developments during the Navratri season and throughout October, driven by festive demand, increased rural interest, and improved availability of models. Additionally, introducing attractive financial schemes and state elections contributed to the market’s optimism.

In October 2023, the three-wheeler category achieved a historic milestone, setting a new record in retail sales with 104,711 vehicles sold, surpassing the previous month’s high. Competitive finance options and a rising interest in e-rickshaws played a significant role in this achievement, signalling a positive shift towards electrification.

Navratri sales in the auto retail industry this year reached record-breaking levels, outperforming the previous peak witnessed during Navratri 2017. Year-over-year (YoY) data for this period indicated a substantial 18% increase in overall auto retail performance. During the 10-day Navratri period, all categories except tractors experienced growth. Two-wheelers, three-wheelers, commercial vehicles, and passenger vehicles expanded by 22%, 43%, 9%, and 6.5%, respectively, while tractors faced an 8% decline, according to FADA.

As passenger vehicle inventory levels reach an unprecedented range of 63-66 days, dealerships are expressing concerns about their capacity. FADA has issued a warning, urging Original Equipment Manufacturers (OEMs) to not only reduce vehicle dispatches but also swiftly introduce more compelling and aggressive incentives.

The near-term outlook for the auto sector is a blend of highs and lows as we approach year-end, FADA stated. Festivities and the harvest season, particularly for paddy, are expected to boost two-wheeler sales, with optimism fueled by new schemes and a push towards electrification. Commercial vehicles are looking at a strong November, with festive and construction activities enhancing demand alongside anticipated financial schemes.

Source: Economic Times

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