Record-breaking SUV sales and wedding season boost PV retail numbers in January, says FADA

PTI | New Delhi | Updated: 13-02-2024 11:05 IST | Created: 13-02-2024 11:05 IST
Record-breaking SUV sales and wedding season boost PV retail numbers in January, says FADA
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Passenger vehicle retail sales rose to a record high in January driven by robust demand for sports utility vehicles, dealers' body FADA said on Tuesday.

Passenger vehicle (PV) sales rose to 3,93,250 units last month, registering a jump of 13 per cent from 3,47,086 units sold in January 2023.

''SUV demand along with the introduction of new models, greater availability, effective marketing, consumer schemes and the auspicious wedding season underpinned this strong performance,'' Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said in a statement.

Despite record sales, serious concerns remain regarding PV inventory level which is now in the 50-55 day range, he added.

''This calls for immediate recalibration of production from OEMs to better align with actual market demand and avoid future oversupply issues,'' Singhania said.

The OEMs (original equipment manufacturers) must balance innovation with strategic production planning to ensure sustained success and overall market stability, he noted.

Two-wheeler sales increased 15 per cent year on year to 14,58,849 units in January as compared to the sales during the same period last year.

Improved vehicle availability, due to adjustments post-OBD 2 norm implementation, the introduction of new models and a shift towards premium options all contributed to increased demand, Singhania said.

This, combined with a good harvest, a positive marriage season and effective follow-ups and offers, indicate a favourable trajectory for the two-wheeler sector, he added.

The commercial vehicle sales witnessed flat sales growth last month at 89,208 units.

Three-wheeler retail sales, however, saw an increase of 37 per cent to 97,675 units from 71,325 units in January 2023.

Tractors sales rose 21 per cent year on year to 88,671 units in January. Overall retail sales last month stood at 21,27,653 units, up 15 per cent from 18,49,691 units in January 2023.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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