Passenger vehicle sales rise 10% in July on new launches, enhanced discounts: FADA
The Hindu
Passenger vehicle retail sales in India surged 10% in July due to new models and discounts, FADA reports.
Passenger vehicle retail sales in India witnessed a 10% on-year jump in July driven by new model launches and enhanced discounts, industry body FADA said on August 5.
Total passenger vehicle retail sales rose to 3,20,129 units in July, as compared to 2,90,564 units in July 2023.
"Dealers reported benefits from good product availability, attractive schemes, and a wider range of products," the Federation of Automobile Dealers Associations (FADA) Vice President C.S. Vigneshwar said in a statement.
Heavy rains, low consumer sentiment, and intense competition posed challenges but dealers managed to sustain sales through strong promotions and incremental discounts, he added.
Mr. Vigneshwar, however, noted that the growth is accompanied by high inventory levels which has surged to a historic high of 67-72 days, equating to ₹73,000 crores worth of stock.
"This poses a substantial risk for dealer sustainability, necessitating extreme caution. FADA urges PV original equipment manufacturers (OEMs) to be vigilant about potential dealer failures due to these high inventory levels," he stated.
It is also crucial for the Reserve Bank of India to mandate financial institutions to implement stringent checks before releasing inventory funding, preferably requiring dealer consent or collaterals to prevent the escalation of NPAs, he added.
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