Passenger Vehicle sales rise 10.5% in February
Retail sales of passenger vehicles (PV) grew 10.5% on a yearly basis in February 2021, underscoring a gradual recovery in the economy and continued preference for personal transport during the pandemic.
According to the Federation of Automobile Dealers Associations (FADA), a total of 2,54,058 vehicle registrations happened in February 2021 as compared to 2,29,734 in February 2020, a jump of 11%. This growth was majorly due to the low base of last year as India had started transitioning from BS-4 to BS-6 norms.
Also, the waiting period for vehicles continues to remain as high as 8 months due to the global shortage of semiconductors.
India’s economy resurfaced to a growth trajectory in the third quarter, clocking a 0.4% rise in the GDP. We are optimistic and expect passenger vehicles registrations to continue their momentum in March as well.
Volvo Cars to launch one electric car every year
Swedish luxury car maker Volvo Cars said that it will launch one electric car every year in India, starting October 2021 with the full electric SUV, XC40 Recharge.
The company will commence bookings of its first pure electric car in June 2021 and plans to start delivering in the next three months. The XC40 Recharge has been received well globally and the company expects the trend to continue in India as well. By 2030, it aspires to become a ‘fully electric’ car company in India.
The company which has announced a target to become carbon neutral by 2040 as part of its sustainability initiatives, said it is also gearing towards having all its dealerships in India becoming green dealerships.
Reliance Industries to back Future Retail’s operations
Reliance Industries has agreed to extend operational support to Future Retail to prevent its collapse while its Rs 24,713 crore deal to buy the cash-strapped retailer’s assets awaits approval from a company law tribunal.
Reliance Industries has also extended an internal deadline for completion of the purchase by 6 months to accommodate for delays caused by a legal battle between Future Group and Amazon.
Future Group has 1,500 Big Bazaar and fbb stores in India, with around 70,000 people working in them. Many existing workers of Future Group have already started undergoing training to be ready to work under Reliance. Continued support from Reliance should help Future Group operate, while this deal moves past the finish line.