Retail sales of vehicles in India jumped 16% to around 1.8 million units in February, helped in part by strong demand during the wedding season, an industry body of automobile dealers said on Monday, adding that festivals could push the sales higher in March.
Sales have picked up in the last two months as chip shortages eased and automakers launched new models to tap into the demand ahead of the festival and wedding seasons. However, rising interest rates amid elevated inflation are seen as a sentiment dampener, with overall sales in February still below pre-Covid levels.
Sales of two-wheelers advanced 15%, while those of three-wheelers jumped 81%, passenger vehicles 11%, tractors 14%, and commercial vehicles 17%, the Federation of Automobile Dealers Associations said in a statement. Changes in emission norms from April, which would see vehicle prices increase, and automakers rolling out promotional offers in the final month of the fiscal year, should help push sales higher in March, FADA added.
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