Car sales may hit 1 million in festive period
September 9th, 2023
Listen to this News
The six week long festive season that kicks off in a few weeks will most likely witness sale of one million units of passenger vehicles making it the best-ever season for the automotive industry.
Car and SUV makers are running plants at near full capacity to stock up on inventory even as dealer orders remain high in anticipation of a robust festive demand.
Typically, the festival season contributes about a quarter of the full year’s domestic volumes, which this year is expected to close at 4.1 million units. If India’s car market achieves the one-million feat this festive season, it will be nearly as much as Australia’s total yearly and more than half of UK’s yearly sales.
Shashank Srivastava, senior executive officer, marketing and sales, Maruti Suzuki said, “The 2020-21 festive period was marred by Covid-19 and the result of the pent-up demand was volumes of 934,000. That became the best-ever festive season for the industry.” There was a net addition of 45,000 units to the inventory during August as wholesales (dispatches from manufacturers to dealers) were at around 360,000 units while retails (actual sales to consumers) were around 315,000.
Tarun Garg, chief operating officer, Hyundai Motor India said, “This festival (season) looks to be the best ever. As for Hyundai, most of our portfolio is fresh and new with strong demand coming for across product lines. We should achieve the outlook of single digit growth for the year.”
Last year, the industry struggled to deliver cars to customers within the usual timeframe of under a month and this got further worsened during the festive days. This was because of a general shortage in semiconductor availability.
Many in-demand models, mostly SUVs, carried a waiting period of more than six months. Car buyers who declined to wait for that long, cancelled their bookings.
This year, however, automakers are keen to not let go of this opportunity.
Source: financialexpress.com
Back to All: Latest News Navnit group