Festive season for auto industry best in four years: FADA
The Hindu
‘PV segment saw the best year in a decade by outgrowing 2020 numbers by 2%
Festival demand helped spur domestic retail auto sales growth to almost 48% marking 20.94 lakh units in October compared with a year earlier, data from FADA showed. This year’s festival season proved to be the best in the last four years for the industry, the Federation of Automobile Dealers Associations (FADA) said on Monday.
Retail sales stood at 14.18 lakh units in October 2021. Sales showed an 8% expansion when compared with the pre-COVID month of October 2019. Passenger vehicle retails grew 41% to 3,28,645 units last month, while two-wheeler registrations rose 51% to 15,71,165 units. Commercial vehicle (CV) retail sales were up 25% to 74,443 units and three-wheeler sales climbed 66% to 66,763 units. Tractor retails recorded a 17% increase to 53,362 units.
“With most of the month [coming] under the festival period, the sentiments were extremely positive across all categories of dealership,” FADA President Manish Raj Singhania said in a statement. “Even when compared to pre-covid month of 2019, overall retail sales for the first time closed in green,” he added.
The robust demand due to festivities last month brought cheer to the industry as customers in every segment came out in good numbers making it the best in the last four years, he added.
“As anticipated earlier, the PV segment saw the best year in a decade by outgrowing 2020 numbers by 2%. When compared to pre-COVID festive season of 2019, overall retails were up by 6%,” Mr. Singhania said.
On the near-term outlook, he said, “With festivities ending, the immediate next month generally witnesses a certain amount of softness in sales. While farmers will start receiving their crop realisations, the overall sentiment continues to show some headwinds especially in the two wheeler rural segment,” he said.
The CV segment is expected to see continued demand due to an increase in the number of infrastructure projects and in government spending, he added.
The rupee declines 20 paise to 93.73 against the dollar as global oil prices rise and investor uncertainty persists.
Siemens said on Monday that the Iran war has led to customers holding back on new investments as prices increase for raw materials and energy.
OpenAI said its close ties with Microsoft could be a potential risk to its business, telling investors that the software company is responsible for “a substantial portion of our financing and compute,” CNBC reported
LPG crisis: Alternative solutions are being considered, with ammonia cylinders being increasingly used for industrial applications amid delays in commercial LPG deliveries.
India monitors U.S. military pause on Iran as oil prices dip; External Affairs Minister engages with GCC nations for support.
India monitors U.S.-Iran tensions as Trump pauses attacks, leading to a significant drop in oil prices.
Union Minister Ashwini Vaishnaw launches three initiatives to enhance India's creative economy through AI training, citizen platforms, and advanced tech access.
Two Indian-flagged LPG tankers approach the Strait of Hormuz, navigating safely amidst regional tensions to reach Indian ports.
Gold and silver prices plummet over 7% due to West Asia tensions, inflation fears, and a stronger dollar.
Asian shares fall as rising oil prices and escalating Iran conflict diminish hopes for U.S. interest rate cuts.
Japan's SoftBank Group said Saturday it plans to build a huge new gas-fired power plant in the US state of Ohio
Silver prices plunge 9% to ₹2.06 lakh per kg in futures trade amid weak global cues and rising macroeconomic pressures.
OpenAI plans to nearly double its workforce to 8,000 from 4,500 by the end of 2026, the Financial Times reported on Saturday, citing two people with knowledge