Auto retail sales in July maintained a steady 10 per cent year-on-year (YoY) growth, mirroring the previous month, said the Federation of Automobile Dealers Associations on Monday.
However, the MoM decline continued highlighting short-term slowdowns.
According to FADA, all vehicle categories recorded positive figures: Two-Wheelers (2W) at 8 per cent, Three-Wheelers (3W) at 74 per cent, Passenger Vehicles (PV) at 4 per cent, Tractors (Trac) at 21 per cent, and Commercial Vehicles (CV) at 2 per cent.
Compared to pre-covid figures, auto retail decreased by -13 per cent, with significant drops in 2W and CV at -23 per cent and -4 per cent.
3W hit record sales in July’23 at 94,148 units, a 74 per cent YoY and 9 per cent MoM increase, surpassing previous high of March’23’s 86,857 units.
Despite challenges like heavy monsoons and a tilt towards EVs due to high fuel prices, 2W showed resilience in July ’23, with increased demand and trust in reputable brands. The 3W segment’s record numbers indicate industry potential and a growing EV interest. Yet, addressing issues like OEM support and dealer engagement remains crucial, Manish Raj Singhania, President, FADA stated.
PV sales in July ’23 were a mix of challenges and triumphs. The month saw a surge in orders and timely OEM supplies, especially with the introduction of new products. However, severe monsoons and flood-like situations especially in North India, impacted sales. SUVs continued to remain a popular choice.
The CV segment showed mixed dynamics. Despite robust stock availability and growth in areas like school buses, challenges from erratic weather and high vehicle costs affected demand. However, infrastructure project boosts remain a silver lining.
