Agencies
Jammu Tawi: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for April'23.
Commenting on April 2023's performance, FADA President Manish Raj Singhania stated, “Financial Year 2024 began on a subdued note, with the month of April experiencing a 4% YoY overall decline.
Although the 3-wheeler segment enjoyed robust growth of 57% YoY, Tractor and CV segments only grew by a modest 1% and 2%, respectively. Meanwhile, the 2-wheeler and Passenger Vehicle categories experienced YoY degrowth of 7% and 1%, respectively.
The 2-wheeler segment's continued low sales, with a 7% YoY decrease, can be attributed to limited supplies due to the OBD 2A shift, untimely rains, and pre-buying in March.
Model mix availability, rural sentiment, and demand in the 2-wheeler motorcycle segment remain weak. The rural economy has yet to show significant progress. Compared to the pre-COVID April 2019, 2-wheeler sales are still down by 19%.
Thanks to high demand in the e-rickshaw and passenger segments, the 3-wheeler segment has grown by 57% YoY and also surpassing pre-COVID levels at an healthy rate.
The Passenger Vehicle segment, which achieved record sales in FY23, slowed down in April, with retails decreasing by 1% YoY. This was primarily due to last year's high base and the OBD 2A norms, which led to vehicle price increases and advanced purchases in March. Although supplies are improving, there is a significant mismatch between customer demand and available inventory.
