: Sequential rise in Sep auto retail sales, PV segment back in green #FinanceIndia #StockMarketNEWS #Business New Delhi: India’s automobile retail sales rose in September on a sequential basis, industry

@StockMarketNEWS Mon 12 Oct, 2020

Posted in: #Business #FinanceIndia #StockMarketNEWS

Sequential rise in Sep auto retail sales, PV segment back in green #FinanceIndia #StockMarketNEWS #Business
New Delhi: India’s automobile retail sales rose in September on a sequential basis, industry data showed on Thursday.

However, sales remained in the red on a year-on-year basis.

The Federation of Automobile Dealers Associations data showed that vehicle registration in September rose to 13,44,866 units from 11,88,087 units sold in August and a retail off-take of 11,42,633 units in July.

Nevertheless, on a YoY basis, September retail sales declined by 10.24 per cent to 13,44,866 units from 14,98,283 units off-take during the like month of last year.

Commenting on September’20 performance, FADA President Vinkesh Gulati in a statement said: “With the government’s persistent effort to unlock India, the month of September continued to witness automobile registrations on a rise as compared to previous months.

“Passenger Vehicles for the first time saw positive growth coming back on YoY basis. With social distancing on customer’s mind coupled with the government’s push to further normalise business conditions and banks becoming more considerate to finance vehicles, entry level passenger vehicles saw good demand thus indicating a preference for personal transportation over public.??? He cited new launches and vehicle availability played their part as catalyst.

“A lower base during last FY also helped the cause.??? On a yearly comparison, passenger vehicles retail sales grew by 9.81 per cent to 1,95,665 units from 1,78,189 units off-take during the like month of last year.
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