News: As per FADA data, auto retail volumes in July 2024 came in modest and stood at 18.91 lakh units, up 2.88% on YoY basis. Within categories, 2W sales were up 6.28% YoY at 13.3 lakh units whereas 3W grew 1.63% YoY at 1.05 lakh units. Other segments saw significant setbacks as CV volumes declined by 6% YoY at 73k units and PV sales declined by 4.53% YoY at 3.09 lakh units. Tractor retails came in muted and stood at 65k units, down 11.39% YoY.
Views: FADA sounded cautiously optimistic as festive season and improved rural demand present promising opportunities for growth, however weather uncertainties and high inventory levels especially in the PV domain at ~70-75 days (~7.8 lakh vehicles valued at ~₹ 77,800 crore) may temper overall recovery. It has asked banks and dealers to be careful with inventory management.
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