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Vehicle sales declined by 13 per cent in February Fuel price hike cited as reason
Vehicle sales have declined 13 per cent in February with the entry level two-wheeler segment sales falling 16 per cent as global crude prices have shot up. However, the passenger vehicle segment saw growth of over 10 per cent because of a low base last year, automobile dealers’ body FADA said on Tuesday.
The two-wheeler segment continued to see sluggish demand as the new wave of Covid in certain states kept customers away. Enquiry levels also narrowed as many educational institutions were still reluctant to open.
“Fuel prices are at their historic high this has affected sales in the entry-level price-sensitive category,” FADA president Vinkesh Gulati said.
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Hyundai nears 25 years of success in India here’s how this carmaker crossed the 9 million-mark, beating peers like Mahindra and Tata Motors
Hyundai nears 25 years of success in India here’s how this carmaker crossed the 9 million-mark, beating peers like Mahindra and Tata Motors
Navdeep YadavFeb 17, 2021, 17:13 IST
BCCL
Hyundai holds the second-largest share of the pie in India after Maruti Suzuki.
The market which was then dominated by popular automobile manufacturers Maruti, Hindustan Motors, Premier Automobiles was a tough one to crack for a company which was unknown to almost every Indian.
However, to give a tough competition, the carmaker came up with a different strategy. It introduced cars with extra comfort and more features.
1.62%Source: BSE Auto Index There has been some recovery in auto sales in recent months. But, there is a peculiar situation in India, where the car makers and the dealers can’t agree whether the sales in the month of November were good or not! While the Society of Indian Automobiles, the lobby of car manufacturers, said it has been a great month, the dealers association wasn’t as excited.
The recommendation from the Parliamentary panel has come at a time when car makers like Maruti and Mahindra & Mahindra have already announced discounts a usual fair at the end of every year after a losing an entire year to the pandemic and its extended impact. The recovery of this segment of industry is important because it employs a large number of people, many unskilled or less-skilled ones, and as per the panel’s estimate, 345,000 people have already lost their jobs.