Vehicle retail sale 10% lower than pre-covid times: FADA

New Delhi, June 6 (KNN) The vehicle retail for the month of May 2022 has increased by 207 per cent from previous year but when compared with May 2019 it was down by -10 per cent, as per Federation of Automobile Dealers Associations (FADA).

All categories were in green with 2W, 3W, PV, Tractors and CV up by 198%, 696%, 204%, 216% and 278% respectively, said the Vehicle Retail Data for May 2022 by FADA released on Monday.

Government’s reduction in fuel prices will tame inflation and boost vehicle sales, especially 2W but the increase in 3rd party insurance premiums will act as a deferrer for the 2W customers to come forward and conclude their purchase decision, said the report.

Commenting the monthly performance of the sector, FADA President, Vinkesh Gulati said, “Indian Auto Industry during May continued its flattish run for the 3rd consecutive month. While YoY comparison with May 2021 shows exceptionally healthy growth rate across all categories.”

However it is important to note that both May 2021 and May 2020 were affected by nation-wide lockdown due to covid thus witnessing. Hence a better comparison will be with May’19 which was a normal pre-covid month, he added.  (KNN Bureau)