On A YoY Basis, Total Vehicle Retail For The Month Of June’22 Increased By 27% In India – Report

0
26
symbol indicating a place to charge an electric car with energy in Catalonia Spain

Estimated Reading Time: 1 minutes

On a YoY basis, total vehicle retail for the month of June’22 increased by 27%. All categories were in the green. 2W, 3W, PV, Tractors and CV were up by 20%, 212%, 40%, 10% and 89% respectively.

FADA President, Mr Vinkesh Gulati said, “Auto Retail for the month of June’22 continued to show its positive run when compared YoY with June’21, a month which continued to face the brunt of covid.

When compared to June’19, a pre-covid month, overall sales were down by -9%. Apart from PV and Tractors which were already above the pre-covid level for the last few months and grew by 27% and 40%, CV for the first time showed a growth of 4% thus indicating recovery slowly creeping in for this segment. While 3W narrowed its de-growth and was at down by -6%, it’s the 2W segment which still remains the biggest cause of concern and is not picking as per expectation. The same was down by -16%.

ALSO READ  Hero Electric With Cholamandalam Investment And Finance Company To Provide Retail Finance For Electric Two-Wheelers

Poor market sentiment especially in rural India, high cost of ownership, inflationary pressure and June generally being a lean month due to rains kept 2W sales at low speed. In the 3W category, a major shift has happened in the electric category. Apart from this, permit issues and frequent price increases remained the biggest dampeners.

The PV segment continued to see robust growth. An increase in wholesale clearly shows that semiconductor availability is now getting easier. The waiting period, especially in compact SUV and SUV segments continued to remain high. New vehicle launches are seeing robust booking thus reflecting a healthy demand pipeline.

The CV segment showed strength for the first time as it grew by 4% when compared to June’19, a pre-covid month. Bus segment along with LCVs are showing good traction.”

Overall Q1’22 grew by 64% when compared to Q1’21 which saw intermittent lockdowns, but de-grew by -8% when compared to Q1’19. Only PV and Tractor were in green for the entire quarter.

ALSO READ  Reaction Quote On New 'Battery Waste Management Rules 2022'

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.