Vehicle retail sales grow by 8% in August: FADA

Hyderabad, Sept 8 (KNN) On YoY basis, total vehicle retail for the month of August, 2022 saw a growth of 8 per cent, as per the Vehicle Retail Data by the Federation of Automobile Dealers Associations (FADA) released on Thursday.

When compared with August 2019, a pre-covid month, total vehicle retails fell by -7 per cent. While PV outperformed handsomely by growing 41 per cent.

CV also turned positive by growing 6 per cent and thus came out of the covid blues. All the other segments were in red with 2W, 3W and Tractors falling by -16 per cent, -1 per cent and -7 per cent respectively.

Commenting on the data, FADA President, Manish Raj Singhania said, “August opens the door for festival season to kick in. While Dealers anticipated good Ganesh Chaturthi in August, the results thus far has not been encouraging. In spite of good monsoons, festive season began with a dampener during Ganpati.”

With easing of supply, PV segment will definitely see the best ever festivities (Navratri and Diwali) in last 1 decade, said FADA.

Along with this, if vehicle prices continue to remain stable and there is no more health related threats, there might be an uptick in the much awaited 2W space which has not shown the required growth since last festivals, said the report.

Overall, FADA has changed its stance from ‘cautiously optimistic’ to ‘optimistic’ as it enters the festive period.  (KNN Bureau)