Tuesday, Apr 23 2024 | Time 21:09 Hrs(IST)
image
Business EconomyPosted at: May 5 2022 12:59PM


Auto retail sale up 37 pc in April 22 : FADA

New Delhi, May 5 (UNI) In spite of semiconductor shortage along with high metal prices and container shortage, total vehicle retail for the month of April 2022 increased by 37 per cent on YoY basis, data released by Federation of Automobile Dealers Association (FADA) said on Thursday.

Two wheeler, 3W, CV, PV and tractors were up by 38%, 96%, 25% and 26% respectively.

However, the auto retail has still not recovered from the jitters of Covid. When compared with April 2019, total vehicle retail was down by 6%. Except PV and Trac, which were up by 12% and 30%, all the other categories like 2W, 3W and CV were down by 11%, 13% and 0.5% respectively.

Commenting on the performance, FADA President Vinkesh Gulati said, “The month of April saw similar Auto Retail figures as March 22. While YoY comparison with April’21 shows all categories in green with high growth rate, it is important to note that both April’21 and April’20 were affected by nation-wide lockdown due to phase 1 and 2 of the Covid wave which witnessed no to negligible business. Hence a better comparison will be with April 19 which was a normal pre-covid month.''

''April’22 when compared with April 19 reveals that we are still not out of the woods as overall retails were down by -6%. Apart from PV and Tractors which grew handsomely by 12% and 30%, 2W, 3W and CV are yet to turn green as these categories were down by -11%, -13% and -0.5% respectively,'' he said.

''The 2W segment which has witnessed slight increase in sales when compared to last month is extremely sensitive to price hikes and continues to remain below pre-covid levels. It is a clear sign that Bharat has not been keeping up with India. Apart from rural distress, multiple price hikes coupled with high fuel prices are keeping price sensitive entry level 2W customers away. The CV segment after a long downturn which began post the announcement of axle load norms in 2018 is now witnessing demand recovery as all sub-categories continue to inch north. Government’s push for infra spending further aids sales,'' he added.

The FADA said with the Russia – Ukraine war continuing and China under lockdown, the global Auto Industry continues to witness supply crunch as semi-conductor shortage along with high metal prices and container shortage prevails. Customers of the PV segment hence continue to witness long waiting periods.

The association said RBI’s move of increasing repo rate by 40 bps has clearly taken everyone off guard and the move will apply brakes and dampen the sentiments further.
UNI AKM SY 1258
Please log in to get detailed story.
Tags: #Auto retail sale up 37 pc in April 22 : FADA
More News
Sensex ends in green; up 89 83 points

Sensex ends in green; up 89 83 points

23 Apr 2024 | 6:58 PM

Mumbai, April 23 (UNI) The stock market on Tuesday opened strong with 400 points up with all-round shopping but paired early gains towards end of the trading hour and closed at 73,738, about 90 points up from its previous close.

see more..

FHRAI seeks govt intervention to utilize increased FAR scheme for hotel industry expansion

23 Apr 2024 | 6:55 PM

New Delhi, Apr 23 (UNI) The apex association of hotels and restaurants FHRAI has approached the Government for resolution of long pending issue of not able to use the provision of increased Floor Area Ratio (FAR) saying this coming in the way to expanding the capacity and new hotel developments in Delhi.

see more..

23 Apr 2024 | 6:22 PM

New Delhi, Apr 23 (UNI) Telecom major Jio Infocomm, a wholly owned by Reliance Industries Limited, has increased its subscriber tally to 470.86 million at the end of December, 2023, up 8.76 per cent from its subscriber base of 432.92 million a year ago.

see more..

Kottayam-Kochi Rubber Market Rates

23 Apr 2024 | 6:11 PM

Kottayam, April 23 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..

Rupee marginally up 3 paise against USD

23 Apr 2024 | 4:37 PM

Mumbai, April 23 (UNI) The Rupee on Tuesday gained three paise to close at 83.34 against the USD on selling US Dollar by bankers and exporters, dealers at the Foreign exchange said.

see more..
image