FADA releases May 23 retail data.

June 5, 2023
Category : 
Views: 1155
Spread the word by Sharing:

New Delhi June 5, 2023:Based on the Vehicle Retail Data released by the Federation of Automobile Dealers Associations (FADA) for May 2023, the auto retail industry in India demonstrated a robust 10% year-on-year (YoY) growth across all vehicle categories. Here are some key points from the statement made by FADA President Mr. Manish Raj Singhania:

  1. Vehicle Category Growth: The 2W (two-wheelers), 3W (three-wheelers), PV (passenger vehicles), Tractor, and CV (commercial vehicles) segments all showed positive growth rates. Specifically, 2W grew by 9%, 3W grew by 79%, PV grew by 4%, Tractor grew by 10%, and CV grew by 7%.
  2. Comparison to Pre-COVID Levels: Although there was a slight decline of -2% compared to pre-COVID levels, the overall retail figures showed improvement.
  3. Setbacks in 2W and CV Sales: Both the 2W and CV segments faced challenges, experiencing setbacks of -8% and -7% respectively.
  4. Electric Vehicle (EV) Sales: EVs made impressive strides, contributing to 8% of the total vehicle retail. 2W EVs contributed 7% of total sales, while 3W EVs contributed a substantial 56%.
  5. Impact of Seasonal Factors: Seasonal factors such as the marriage season, changes in FAME (Faster Adoption and Manufacturing of Electric Vehicles) subsidies, and the recovery of rural demand positively influenced 2W sales.
  6. Passenger Vehicle Segment Rebound: The availability of vehicles, pending orders, and demand for new launches drove a positive momentum in the passenger vehicle segment, helping it rebound after a slump in the previous month.
  7. Commercial Vehicle Growth: The commercial vehicle segment experienced sustained growth, supported by the government's focus on infrastructure development. The bus segment saw increased sales, driven by improved financing options and higher sales in academic institutions.
  8. Near-Term Outlook: The auto retail sector faces challenges across the 2W, CV, and PV segments. Concerns include weather-induced walk-in reductions, inventory, regulatory norms, RDE (Real Driving Emissions) norms, seasonal effects, inventory pressure, and right model availability.
  9. Advocacy for Balanced Auto Retail Ecosystem: FADA advocates for collective action to regulate inventory levels, negotiate lower interest rates, and support 2W dealers by eliminating illegal MBO (Multi-Brand Outlet) sales.
  10. Cautious Optimism: FADA maintains a stance of cautious optimism, emphasizing the potential for growth through collaborative efforts and alignment with market trends. The stable interest rates anticipated by the Reserve Bank of India's Monetary Policy Committee could positively impact auto sales.
    • ALL INDIA VEHICLE RETAIL DATA FOR MAY 2023

Subscribe For Latest Updates

Sign up for the latest news and launches straight to your inbox

We promise not to spam you.

Spread the word by Sharing:
EVStory team is group of well seasoned journalists from the e-mobility segment with rich experience in the auto industry.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles from the same category:
Associations

FADA and Frost & Sullivan launch Customer Experience Index (CEI) Study

FEATURES

SIAM releases Motor Vehicle Data-March 2024, & Annual data of 2023-24

REPORTS

Total Cost of Ownership of Electric Vehicles (EVs) in India

FEATURES

Hero Lectro and Magucho curate an Electrifying Experience Ride in Mumbai

1 2 3 56
EVStory.in - India's best EV Portal
Get a complete insight into the latest news, reports, features & in-depth analysis on the EV industry in India
Copyright 2022 EVStory LLP. All rights reserved. 
crossmenu