Passenger car producers in the local market are anticipated to report one of their highest-ever monthly sales in June as consumer demand continues strong and the components shortage that had slowed manufacturing for the most of the previous year eases.
Insiders in the sector expect that in June, between 321,000 and 325,000 passenger vehicles will be delivered from manufacturing facilities to dealerships, increasing nearly 25% from the 255,743 units that were sold during the same period last year, according to media sources.
Passenger car producers in the local market are anticipated to report one of their highest-ever monthly sales in June as consumer demand continues strong and the components shortage that had slowed manufacturing for the most of the previous year eases.
Volumes would have surely surpassed prior records if market leader Maruti Suzuki hadn't planned a week-long maintenance pause. In October 2020 and March 2022, respectively, sales of passenger cars, sedans, and utility vehicles achieved all-time highs of 334,311 units and 321,794 units. Kia India achieved its highest-ever sales of 22,622 vehicles in March 2022.
However, with channel supplies lingering around half of the typical levels (14–15 days), waiting times for popular models may continue to be fairly long. According to Ravi Bhatia, president of the consultancy company JATO Dynamics, best-sellers, in particular SUVs, have a long wait period.
In contrast to the 34–36 weeks for the Maruti Suzuki Ertiga, 24-36 weeks for the Mahindra Thar, 28–34 weeks for the Hyundai Creta, and 18–24 months for the Mahindra XUV700, the waiting period ranges from 16–16 weeks for the Hyundai Venue.
The medium- to long-term growth prospects of the automotive industry appear promising. Though recession worries after the fed chairman’s comments do dampen the market sentiment.
Info Source: Indiainfoline