Contrary to the reports of spreading gloom across the sectors of the Indian economy, early reports on auto sales during the Diwali season suggest encouraging trends.
Passenger vehicles in general and some luxury brands in particular registerd big sales, prompting the automakers to describe the sale as `satisfactory.’ Reports coming from different regions suggest a spike in the overall sales for October.
Luxury automobile manufacturer Mercedes-Benz India delivered more than 600 cars last week during Dhanteras, according to reports. The highest demand came from Delhi region which accounted for 50% of the demand, while markets like Punjab, Mumbai, Pune, Kolkata and Gujarat reported the rest. During Dussehra and Navratri, Mercedes-Benz had delivered more than 200 cars in Mumbai and Gujarat.
Another report said, MG Motor India has delivered a record 700 units of its SUV Hector on the auspicious occasion. It has received over 38,000 bookings.
India Ratings and Research (Ind-Ra) report also endorsed a possible increase iin the sale during the season, riding on improved consumer sentiment during festival time. It also cited favourable monsoon and the recent boost doses by the government to the economy.
The report highlights trends in sub-segments of auto sector including passenger vehicles (PVs), commercial vehicles (CVs) and two-wheelers (2Ws) with a focus on sales volumes growth, market share movement, change in commodity prices and recent rating actions.
A report from Chandigarh said, 459 vehicles (including both two- and four-wheelers) were sold in Chandigarh on one day, Dhanteras. Mohali reported 107 vehicles sales.