3 weeks ago

Car retail sales hit record July high; alternative fuels gain

Car retail sales hit record July high; alternative fuels gain
Car retail sales hit record July high; alternative fuels close in on petrol · financialexpress.com

In July, more people in India bought cars and other vehicles than ever before for that month.

Passenger car sales went up by about 19 percent compared with last year.

People in villages and small towns bought even more vehicles than people in big cities.

Cars that run on electricity or other fuels instead of petrol are becoming very popular.

These alternative-fuel cars now make up almost the same share of sales as petrol cars.

Electric vehicles hit a new record, with more than 327,000 sold across all categories.

Motorcycles, three-wheelers and tractors also had their best July ever.

Dealers are a little worried, though, because they have too many unsold cars in stock.

They asked car makers to send fewer vehicles to dealerships.

Most dealers still think the next few months will be good because of festivals like Onam and Raksha Bandhan.

Key facts

Passenger vehicle retail sales
4,16,555 units (up 19.13% YoY)
Overall auto retail sales
25,91,138 units (up 25.89% YoY)
Alternative fuel PV registration share
40.59%
Petrol PV registration share
41.68%
Total EV registrations
3,27,901 units (record)
EV penetration
Nearly 12.7% (up from 9.6% a year earlier)
Passenger vehicle inventory
33-35 days (vs FADA's 21-day benchmark)
Two-wheeler retail sales
18,18,289 units (up 28.25% YoY)

Quotes

Sai Giridhar

FADA Vice‑President

“"The strong momentum is being supported by low borrowing costs, GST 2.0, income tax relief and improving rural demand. While input costs, exchange rate volatility and multiple price hikes have pushed up vehicle prices, the market has largely absorbed the increases, particularly in rural areas where demand has been stronger than urban markets."”
financialexpress.com

Sources

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