PV sales rise 10 per cent in July on new launches, enhanced discounts: FADA

NEW DELHI: Passenger vehicle retail sales in India witnessed a 10 per cent on-year jump in July driven by new model launches and enhanced discounts, industry body FADA said on Monday.

Total passenger vehicle retail sales rose to 3,20,129 units in July, as compared to 2,90,564 units in July 2023.

“Dealers reported benefits from good product availability, attractive schemes, and a wider range of products,” the Federation of Automobile Dealers Associations (FADA) Vice President C S Vigneshwar said in a statement.

Heavy rains, low consumer sentiment, and intense competition posed challenges but dealers managed to sustain sales through strong promotions and incremental discounts, he added.

Vigneshwar, however, noted that the growth is accompanied by high inventory levels which has surged to a historic high of 67-72 days, equating to Rs 73,000 crores worth of stock.