Auto Sales Plummet 7% in August

5 Sep 2024 , 01:17 PM

On Thursday, the Federation of Automobile Dealers Association revealed retail figures for August. The industry’s total growth rate was 2.88% year on year, with performance differing by category.

The overall number of automotive sales in the country in August was 18,91,499, a decrease from 20,34,116 in July. This results in a significant drop of 7.01% MoM.

According to the FADA announcement, two-wheeler sales increased 6.28% year on year, despite a 7.29% month-on-month fall caused by rain disruptions and market saturation. While passenger vehicle (PV) sales fell by 4.53% year on year and 3.46% month on month. Overall, PV registrations totalled 3,09,053 units this month, compared to 3,23,720 in August 2023. Commercial Vehicles (CV) fell sharply, down 8.5% month on month and 6.05% year on year. The low result was ascribed to weather-related disruptions and a drop in industrial demand.

The three-wheeler segment declined by 4.54% month on month but increased nominally by 1.63% year on year.

The primary reason for the reduction has been 15.9% excess rainfall in critical regions.

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