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The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

<keyword id="21999883" type="General" weightage="20" keywordseo="Passenger-vehicle-retail-sales" source="keywords">Passenger vehicle retail sales</keyword> in India witnessed a 5 per cent on-year decline in August on account of delayed customer purchases, poor consumer sentiment and persistent heavy rains, industry body <keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> said on Thursday. The overall <keyword id="762866" type="General" weightage="100" keywordseo="Passenger-vehicle" source="Orion">passenger vehicle</keyword> (PV) registrations last month stood at 3,09,053 units, as compared to 3,23,720 units in August 2023. "Even with the arrival of the <keyword id="19894908" type="General" weightage="20" keywordseo="Festive-season" source="keywords">festive season</keyword>, the market remains under significant strain... Inventory levels have reached alarming levels, with stock days now stretching to 70-75 days and inventory totalling 7.8 lakh vehicles, valued at an alarming Rs 77,800 crore," Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said in a statement. Rather than responding to the situation, PV Original Equipment Manufacturers (OEMs) continue to increase dispatches to dealers on a month-on-month basis, further exacerbating the issue, he added. "FADA urgently calls upon all banks and NBFCs to intervene and immediately control funding to dealers with excessive inventory," Singhania said, adding that dealers must also act swiftly to stop taking on additional stock to protect their financial health. The OEMs, too, must recalibrate their supply strategies without delay, or the industry faces a potential crisis from this inventory overload, he said. "If this aggressive push of excess stock continues unchecked, the <keyword id="23047448" type="General" weightage="20" keywordseo="auto-retail-ecosystem" source="keywords">auto retail ecosystem</keyword> could face severe disruption," Singhania said. Commercial vehicle registrations saw a 6 per cent year-on-year dip in August, while tractor retail sales also witnessed a drop of 11 per cent as compared to the year-ago period. Two-wheeler sales, however, increased 6 per cent year-on-year to 13,38,237 units in August, as compared to 12,59,140 units in the same month last year, on the back of improved stock availability and the onset of the festive season, Singhania said. Three-wheeler retail sales also increased by 2 per cent to 1,05,478 units last month, as compared to 1,03,782 units in the year-ago period. Overall registrations last month saw an increase of 3 per cent year-on-year at 18,91,499 units, as against 18,38,501 units in August last year. On business outlook in the near term, FADA said it remains cautiously optimistic. While the festive season and improved rural demand present promising opportunities for growth, ongoing weather uncertainties and high inventory levels may temper the overall recovery, it stated. To navigate these challenges, strategic inventory management and targeted marketing initiatives will be crucial in maximising festive sales and mitigating risks from adverse weather conditions, it added.

Passenger vehicle retail sales dip 5% in August 2024; FADA raises alarm over rising inventory level

Mumbai (Maharashtra) [India], July 31 (ANI): The <keyword id="417639" type="General" weightage="20" keywordseo="automotive-sector" source="Orion">automotive sector</keyword> is poised for a robust performance in July 2024, driven by an expected double-digit year-on-year (y/y) growth in two-wheeler (2W) <keyword id="21974415" type="General" weightage="20" keywordseo="wholesale-volumes" source="keywords">wholesale volumes</keyword>, according to a recent report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword>. The surge is attributed to solid retail demand, estimated at approximately 15 per cent y/y, strategic inventory build-up, and a favourable base effect. Excluding Honda, the growth remains robust at around 14 per cent. Additionally, <keyword id="20163833" type="General" weightage="20" keywordseo="passenger-vehicle" source="keywords">passenger vehicle</keyword> (PV) volumes are likely to have increased, supported by improved retail activity and inventory accumulation. Meanwhile, sales of <keyword id="20023450" type="General" weightage="20" keywordseo="commercial-vehicles" source="keywords">commercial vehicles</keyword> (CVs) and tractors are expected to remain broadly flat. Overall, the outlook for the <keyword id="19979339" type="General" weightage="100" keywordseo="auto-sector" source="keywords">auto sector</keyword> remains positive. In the passenger vehicle (PV) segment, volumes are also expected to see an uptick, largely due to better retail performance and inventory accumulation. The report predicts a slight growth of around 3 per cent y/y for PV volumes. On the commercial vehicles (CV) front, the outlook is more mixed. The report forecasts that overall CV volumes will remain relatively flat, with a small drop of approximately 3 per cent y/y, primarily due to lower light commercial vehicle (LCV) volumes. However, there are bright spots within the segment. Volumes for VECV's CVs are expected to have risen by 15 per cent, and the medium and heavy commercial vehicle (M&amp;H CV) growth forecast has been revised upwards to high single digits from mid-single digits, driven by robust demand for buses and ongoing replacement demand. The M&amp;H CV segment is further bolstered by increased infrastructure and economic activity, as well as a favourable comparison base from Q1 and Q4 of FY24.

Auto sector poised for robust growth in July 2024 with double-digit surge in two-wheeler sales: Anand Rathi report

<keyword id="20163833" type="General" weightage="20" keywordseo="passenger-vehicle" source="keywords">Passenger vehicle</keyword> <keyword id="19957111" type="General" weightage="20" keywordseo="retail-sales" source="keywords">retail sales</keyword> in India witnessed a 7 per cent on-year decline in June as severe <keyword id="19933152" type="General" weightage="20" keywordseo="heatwave" source="keywords">heatwave</keyword> conditions resulted in 15 per cent less showroom walk-ins, industry body <keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> said on Friday. Overall passenger vehicle registrations stood at 2,81,566 units last month, as compared to 3,02,000 units in June 2023. "Despite improved product availability and substantial discounts aimed at stimulating demand, market sentiment remains subdued due to extreme heat resulting in 15 per cent less walk-ins and delayed monsoons," the Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said in a statement. Dealer feedback highlights challenges such as low customer inquiries and postponed purchase decisions, he added. Singhania also highlighted that inventory levels of passenger vehicles have reached an all-time high, ranging from 62 to 67 days. With the festive season still some time away, it is crucial for passenger vehicle Original Equipment Manufacturers (OEMs) to exercise caution, he stated. Effective inventory management strategies are essential to mitigate financial strain from high interest costs, Singhania stated. "FADA strongly urges passenger vehicle OEMs to implement prudent inventory control and engage proactively with the market," he added. Two-wheeler registrations rose 5 per cent year-on-year to 13,75,889 units in June. Factors such as extreme heat resulted in 13 per cent less walk-ins by probable customers in showrooms, Singhania said. Stalled monsoon and election-related market slowdowns particularly affected rural sales, which fell from 59.8 per cent in May to 58.6 per cent in June, he added. Commercial vehicle sales dropped 5 per cent to 72,747 units last month, from 76,364 units in June 2023. "The industry continues to face de-growth, impacted by high temperatures affecting the agricultural sector and infrastructural project slowdowns," Singhania stated. Tractor sales last month declined 28 per cent year-on-year to 71,029 units in June. While three-wheeler registrations rose 5 per cent to 94,321 units in June, as compared to 89,743 units in the year-ago month. Overall retail sales rose marginally year-on-year to 18,95,552 units in June. On the business outlook, FADA stated that for two-wheelers, the arrival of the monsoon is expected to provide a boost, although challenges such as agricultural cash flow constraints and regional market variations remain. In the passenger vehicle segment, high inventory levels and ongoing low market sentiment necessitate cautious management, the industry body said. Meanwhile, the commercial vehicle sector looks forward to potential growth driven by renewed infrastructure projects and seasonal demands, despite current slowdowns, it said. "Based on current market conditions, the overall rating for July auto retail performance is cautiously optimistic with a moderate outlook," FADA, which represents over 30,000 dealership outlets, stated. It stated that vehicle registration data for the month was collated from 1,567 out of 1,700 RTOs across the country. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank">HP Envy x360 14 review – feature-packed laptop with a sleek design</a><a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-razr-50-ultra-flip-phone-launched-in-india-for-99999/slidelist/111504950.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-razr-50-ultra-flip-phone-launched-in-india-for-99999/slidelist/111504950.cms" target="_blank">Motorola Razr 50 Ultra flip phone launched in India for ₹99,999</a>

Passenger vehicle retail sales dip 7% in June as heatwave curtails showroom visits

The Indian tractor industry sold 59,586 units last month down from 80,980 units sold during July 2021, said <keyword id="14677165" type="General" weightage="80" keywordseo="tractor-junction" source="Orion">Tractor Junction</keyword>, a digital marketplace for tractors and farm equipment. According to Tractor Junction, five states - Uttar Pradesh, Rajasthan, Maharashtra, Karnataka and Gujarat- accounted for the majority of tractor sales last month. The decline is largely due to a high base of the previous year and an uneven spread of the monsoon season. The month of July witnessed floods, water logging, and heavy rains throwing normal life out of gear for days in various parts of the country. The sales figures do not include the sales data from the states of <keyword id="6355554" type="General" weightage="50" keywordseo="madhya-pradesh" source="Orion">Madhya Pradesh</keyword>, <keyword id="37102" type="General" weightage="50" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword> and Telangana, Tractor Junction said. "The tractor sales in the month of July are down due to a higher base recorded last year. Going forward the IMD's forecast of average rain (96-104 per cent of long period average- <keyword id="180155" type="General" weightage="50" keywordseo="lpa" source="Orion">LPA</keyword>) in August and September and a good crop yield augurs well for tractor and other farm equipment volumes," <keyword id="139676" type="General" weightage="80" keywordseo="rajat-gupta" source="Orion">Rajat Gupta</keyword>, Founder, Tractor Junction said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/honda-power-and-hpcl-starts-electric-battery-swap-services-operations-at-petrol-stations/articleshow/93455501.cms">Honda Power starts electric battery swap services at HPCL petrol pumps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/intel-introduces-arc-gpus-for-desktops-and-laptops/articleshow/93453279.cms">Intel introduces ARC GPUs for desktops and laptops</a>

Tractor industry sales down to 59,586 units in July 2022

New Delhi, <keyword id="6357096" type="General" weightage="20" keywordseo="mahindra-mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> on Friday said its total wholesales increased by 21 per cent year on year to 70,576 units in November. The Mumbai-based automaker had dispatched 58,303 units in November 2022. Utility vehicle dispatches stood at 39,981 units last month, an increase of 32 per cent over 30,238 units in the year-ago period, <keyword id="45224" type="General" weightage="20" keywordseo="mahindra" source="Orion">Mahindra</keyword> &amp; Mahindra (M&amp;M) said in a statement. Exports, however, declined 42 per cent last month to 1,816 units as compared to 3,122 units in November 2022. "We continue our growth trend, backed by strong demand for our SUV portfolio...While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges," M&amp;M President Automotive Division Veejay Nakra said. M&amp;M said its tractor wholesales stood at 32,074 units in November as compared to 30,528 units in the year-ago period. Exports, however, declined to 1,005 units last month from 1,348 units in November 2022. "The festive season saw high demand pull in the domestic market, supported by Kharif harvest realisations, with retails being strong during Dhanteras and Diwali," M&amp;M President-Farm Equipment Sector Hemant Sikka said. Terms of trade continue to be favourable for farmers, while rural spending by the government and progress in rabi sowing are the factors to watch out for, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-december-2023/slidelist/105645843.cms">From Tata Punch EV to Lamborghini Revuelto, cars set to launch in India in December</a> <a href="https://www.businessinsider.in/business/auto/news/car-and-suv-prices-set-to-rise-in-january-2024-should-you-buy-one-in-december/articleshow/105556415.cms">Car prices set to rise in January – Should you buy one in December?</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-surges-to-4-5-million-devices-in-q3-2023/articleshow/105285251.cms">India’s PC market shipments surge in Q3 amidst import restrictions talks</a>

Mahindra sales rise 21% to 70,576 units in November

<ul class="summary-list"><li>Retail executives generally agree that retail theft is <a target="_blank" href="https://www.businessinsider.com/tractor-supply-reduced-inventory-shrink-bucking-retail-crime-trend-2023-9">worse than they've ever seen</a>.</li><li>Even so, leaders from Costco, Lowe's, Best Buy, and Tractor Supply have said their businesses aren't so affected.</li></ul>Dozens of retailers have warned investors in recent months that an increase in inventory shrink — driven primarily by retail theft — is taking <a target="_blank" href="https://www.businessinsider.com/retail-theft-shrink-not-main-reason-retailers-posting-weaker-profits-2023-9">a bigger bite out of profits this year</a>."Organized retail crime is <a target="_blank" href="https://www.businessinsider.com/tractor-supply-reduced-inventory-shrink-bucking-retail-crime-trend-2023-9">worse now than I've ever seen it</a>," Tractor Supply CEO Hal Lawton told Insider in August."I've never seen anything like it," <a target="_blank" href="https://www.businessinsider.com/lowes-ceo-workers-are-greatest-deterrent-for-retail-theft-2023-9">Lowe's CEO Marvin Ellison</a> told the Goldman Sachs Retail Conference in September.Best Buy CEO Corie Barry told analysts her company is "<a target="_blank" href="https://www.businessinsider.com/how-best-buy-limits-retail-theft-2023-8">definitely seeing an increase</a>" in theft at certain stores.But each of those executives followed up their observations about the industry in general with statements about their companies in particular that echo Costco CFO Richard Galanti: "We haven't seen <a target="_blank" href="https://www.businessinsider.com/how-costco-limits-retail-theft-checks-reciepts-2023-5">any major change in shrinkage</a>," he said in May. "We've been fortunate in that regard."In other words, even as these retailers acknowledge a major problem facing their peers, they are managing to limit its effect on their businesses — Lawton even said shrink rates at Tractor Supply have come down for two years running.Taking a closer look, it's clear that these four companies have several striking similarities – qualities that are helping them win the war on retail theft. <h2>1. Store location and layout</h2><div type="image" title="Cowboy boots for sale at a Tractor Supply Co. store in Wisconsin" height="1875" width="2500" msid="103891664" hostid="261" sizebytes="342834"></div>With the exception of Best Buy, three of the four chains tend to have their stores in more suburban and rural locations that see fewer people.Both Lowe's Marvin Ellison and Tractor Supply's Hal Lawton said a lower population density contributes to the lower incidents of theft compared with busier locations.And with the exception of Lowe's, three of the four companies use a similar entrance and exit strategy that funnels every shopper past employees at cash registers or security checkpoints.<h2>2. Big, heavy merchandise</h2><div type="image" title="A person is seen behind a shopping cart piled high with goods." height="1932" width="2794" msid="103891666" hostid="261" sizebytes="423122"></div>A lot of the merchandise these four retailers sell is too unwieldy to be conveniently stolen.Whether it's a 96-pack of toilet paper from Costco, a flat-screen TV from Best Buy, a lawn mower from Lowe's, or a gun safe from Tractor Supply, it's often hard to be discreet (or quick) in leaving the store with merchandise."Most people aren't able to walk in and throw a couple of those 50-pound bags over their shoulder and walk out," Lawton said. "Even if you do, you're stealing only $80 or $100."Costco also notably sells ordinarily <a target="_blank" href="https://www.businessinsider.com/why-costco-uses-large-packaging-for-tiny-products-2023-2">small items in curiously large packages</a> that make them harder to conceal.<h2>3. Secure displays</h2><div type="image" title="Lowe's leaf blowers" height="3024" width="4032" msid="103891669" hostid="261" sizebytes="833340"></div>For smaller or more expensive items, all four retailers aren't afraid of requiring customers to get help.Electronics are often sold at Costco with a pay-and-collect feature before they're ever placed in a cart, much like Best Buy keeps certain inventory off the sales floor until a customer requests it.And power tools at Lowe's and Tractor Supply are often kept on locked shelves, with Lowe's taking the extra step of selling some <a target="_blank" href="https://www.businessinsider.com/retailers-testing-tech-to-help-customers-get-locked-away-products-2023-2">products that won't work unless activated</a> at purchase.<h2>4. Less self-checkout</h2><div type="image" title="Shoppers wait in a check-out line at a Costco wholesale store in Orlando." height="1433" width="2000" msid="103891671" hostid="261" sizebytes="476440"></div>Another big theme is the way each retailer handles self-checkout, which has been blamed for <a target="_blank" href="https://www.businessinsider.com/walmart-employees-and-customers-blame-self-checkout-shoplifting-rising-theft-2022-12">spikes in theft rates</a> when it is introduced at stores.Self-checkout is minimal to nonexistent at Best Buy and Tractor Supply, while Lowe's has invested big bucks in its asset-protection technology to keep a sharp digital eye on the store.Costco saw a slight increase in inventory shrink after it rolled out self-checkout three years ago, but those rates have since reverted to the longer-term trend as the company has taken <a target="_blank" href="https://www.businessinsider.com/costco-having-employees-heavily-monitor-self-checkout-at-stores-2023-6">a more hands-on approach</a> to monitoring what goes on in those lanes.<h2>5. More staff per square foot</h2><div type="image" title="LOS ANGELES, CALIFORNIA - AUGUST 02: Employees work inside a Lowe's store on August 2, 2019 in Los Angeles, California. The home Improvement retailer is set to lay off thousands of workers in an effort to boost profits." height="3160" width="4752" msid="103891795" hostid="261" sizebytes="1914622"></div>All four retailers prioritize having knowledgeable, helpful staff and have high levels of customer engagement."We just have more employees in our stores and they just do an exceptional job of watching out over our stores," Barrie said of Best Buy.Meanwhile, a typical Tractor Supply location may have as many as eight people working in a relatively small, 20,000 square-foot store.For Ellison at Lowe's the best investment was simple: "Having spent my entire adult life in retail at every level, the one thing that I understand clearly is that the greatest deterrent for any type of theft activity is effective customer service."

Costco, Lowe's, Best Buy, and Tractor Supply are winning the battle against retail theft in a strikingly similar way

<ul><li>Two-wheelers, three-wheelers, passenger vehicles, tractors and commercial vehicles sales grew 7 %, 75 %, 5 %, 41 %, and 0.5 % in June 2023. </li><li>Two-wheeler market anticipates continued economic pressures and supply challenges, <keyword id="354719" type="General" weightage="20" keywordseo="fada" source="Orion">FADA</keyword> said. </li><li>The PV segment faces inventory pressures and demand-supply mismatches, but the upcoming festive season beginning end-August offers a hopeful outlook, FADA said. </li><li>Delayed and uneven rains may affect the sales of automobiles in rural areas, FADA said, adding it remains cautiously optimistic for the near term. </li></ul> <keyword id="17917534" type="General" weightage="20" keywordseo="automobile-retail-sales-in-june" source="Orion">Automobile retail sales in June</keyword> registered 10 % year-on-year growth, with positive performances seen across all vehicle categories. Data showed two-wheelers, three-wheelers, passenger vehicles, tractors and commercial vehicles sales grew 7 %, 75 %, 5 %, 41 %, and 0.5 %. The Federation of Automobile Dealers Associations (FADA) today released retail sales data for June 2023. "Two-wheeler market anticipates continued economic pressures and supply challenges, while the reduction in FAME subsidies casts a shadow over EV sales," FADA said. The passenger vehicle segment faces inventory pressures and demand-supply mismatches, impacting profitability, but the anticipation of a boost from the upcoming festive season beginning end-August offers a hopeful outlook, FADA said. Erratic monsoons in India raise concerns about yield and potentially impacting automobile sales, especially in rural areas, but the anticipation of evenly spread rains going forward may revive rural demand and thus positively influence retails. "Despite a 10 % YoY growth, the Auto Retail sector has seen an 8 % MoM dip, indicating a short-term deceleration in sales," FADA president Manish Raj Singhania. "In comparison to pre-Covid levels, the overall auto retail marked a marginal decrease of 3 %, with 2W as the sole laggard. Conversely, the CV segment experienced a 1.5 % growth compared to June'19, surpassing the pre-Covid levels for the first time," Singhania said. Further, FADA said June 2023 witnessed the three-wheeler market's robust growth, primarily owing to the previous year's low base effect and positive market sentiment. "The delayed and uneven rains may reduce crop yields, shorten crop cycles and cause a delay in future crop arrivals. Such developments may affect the sales of automobiles, particularly in rural areas where a weak agricultural season could lead to a reduction in disposable income, thus affecting demand for two-wheelers and entry-level cars." However, upcoming rains may potentially boost agricultural prospects, revive rural demand, and positively influence automotive sales. FADA said it remains cautiously optimistic for the near term. (ANI)

You Searched For "tractor sales" and got 8 results

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

ANI

Passenger vehicle retail sales dip 5% in August 2024; FADA raises alarm over rising inventory level

PTI

Auto sector poised for robust growth in July 2024 with double-digit surge in two-wheeler sales: Anand Rathi report

ANI

Passenger vehicle retail sales dip 7% in June as heatwave curtails showroom visits

PTI

Tractor industry sales down to 59,586 units in July 2022

IANS

Mahindra sales rise 21% to 70,576 units in November

PTI

Costco, Lowe's, Best Buy, and Tractor Supply are winning the battle against retail theft in a strikingly similar way

Dominick Reuter

Growth across vehicle segments powers 10% rise in India's June auto retail sales, cautiously optimistic for the near term: FADA

BI India Bureau

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