Image Source : AP Production activity going on in a factory
The Federation of Automobile Dealers Associations (FADA), an automobile industry body, said on Monday that India’s auto retail deals saw a 10 percent yearly development in July, driven by strong sales across passenger vehicles, bikes, and business vehicles. FADA said its complete retail deals across fragments rose to 17,70,181 units last month, when contrasted with 16,09,217 units in July 2022, while traveler vehicle deals saw an ascent of 4% to 2,84,064 units last month when contrasted with 2,73,055 units in the year-ago period, reported news agency PTI.
Total retail sales across segments rose to 17,70,181 units last month when contrasted with 16,09,217 units in July 2022. Passenger vehicle sales saw an increment of 4% to 2,84,064 units last month when contrasted with 2,73,055 units in the year-prior period, FADA said in a statement, as quoted by PTI.
“The month saw a flood in orders and opportune OEM supplies, particularly with the presentation of new items. Notwithstanding, severe monsoons and flood-like circumstances, particularly in North India, affected sales,” FADA President Manish Raj Singhania said.
Two-wheeler retail sales rose by 8% to 12,28,139 units in July, as against 11,35,566 units in a similar period last year. Singhania said that regardless of difficulties like rainstorms and a tilt towards EVs, the two-wheeler segment showed strength with expanded demand and confidence in trustworthy brands.
Commercial vehicle retail sales saw a 2 percent year-on-year jump in sales to 73,065 units, from 71,619 units in July 2022. “The CV portion showed blended elements. Regardless of strong stock accessibility and development in areas like school transports, challenges from whimsical climate and high vehicle costs impacted demand,” Singhania said.
Three-wheeler deals rose 74% year-on-year, while tractor deals saw solid growth of 21% last month.
Also read | Profit of PSU banks more than doubles to Rs 34,774 cr in Q1
Also read | Reliance Jio gets $2.2 bn fund support from Swedish export credit agency to finance 5G rollout
Latest Business News
Source link
