New Delhi: Passenger vehicle sales in India inched up 1.82 per cent in November, the lowest clip since February this year, even as two-wheeler sales fell nearly 6 per cent as currency pullback affected sales, especially in rural areas.
According to Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales last month were at 2,40,979 units, as against 2,36,664 in November last year. Domestic car sales ticked up to 1,73,606 units as against 1,73,111 in November last year while that of commercial vehicles (CVs) was down 11.58 per cent at 45,773 units in November, SIAM said. Vehicle sales across categories registered a decline of 5.48 per cent at 15,63,665 units, from 16,54,407 in November 2015. It is the steepest decline in 43 months when total sales had declined by 7.75 per cent in March 2013. “In November, companies were able to push stock to dealers as the inventory levels were down owing to a good festive season in October. So, the impact is not visible at wholesale levels. It will be only clear after this month after taking into account retail sales,” SIAM Director General Vishnu Mathur told.
Over 85 per cent of the passenger vehicles are financed. So, people are just postponing buys while the impact is visible in rural areas, especially in the two-wheeler space, where cash component pays a major role, he added.