The automobile sector boasted a surge in the sales of four-wheelers during Diwali eve. Reportedly, the Indian car industry saw record-breaking sales between Onam and Bhai Dooj. During this period, the sales of cars in India achieved a record-breaking turnover of Rs 1.3 trillion. Yes, you read it correctly, the sales of cars in India surpassed the mark of Rs 1.3 trillion, thanks to the increasing demand among the consumers the car manufacturers sold 1.14 million cars during the festive period between Onam and Bhai Dooj. Due to high consumer demand, the average sales for a day during the Diwali festival was nearly 13,000 units. If you are seeking more details about car sales during Diwali festivities, we have poured in more details in the following sections. Swipe down the page.
The record-breaking sales of cars during Diwali festivities reflect the Indian car industry’s healing from the pandemic. Last year for the same period, the car makers witnessed a car sales turnover of Rs 85,700 crore. Notably, buyers were more interested in SUVs as this category drove significant demand during this festival season of Diwali, which added substantially to the year’s turnover. Swipe down the page and read more details.
India’s leading car manufacturing company, Maruti Suzuki emphasized the increasing consumer inclination toward SUVs loaded with advanced features. Meanwhile, the average price for SUVs this year was more than Rs 11 lakh which was over Rs 10 lakh last year. The car industry faced challenges due to supply constraints, specifically semiconductors after COVID-19-related restrictions that were lifted in 2021. In addition, the car industry also struggled due to the war in Ukraine and curbs on certain supplies from China. However, now the supply is normalizing especially for mainstream players, and the industry is bouncing back with new supply channels available for car manufacturers. Shift to the next section and read more details.
According to the report, Hyundai India is expecting a growth of 8.5-9 percent by the end of the year. Notably, SUVs are contributing significantly to sales. Hyundai India reportedly sold 160,000 vehicles during the festive period to record a 9 percent growth against last year’s sales for the same period. Tata Motors also witnessed a growth of 15 percent during the festive season, indicating a positive response to the company from consumers. The industry players are remaining cautious about future demand despite the festive success. Stay tuned to this website.