India auto retail sales registers record high growth in October, reports FADA
Overall automobile retail sales grew by a robust 40.5% Y-o-Y, as both passenger vehicles (PVs) and two-wheelers (2Ws) achieved lifetime highs, signalling renewed consumer confidence and strong economic undercurrents.
After an almost quiet September for first 21 days due to the GST 2.0 transition, October witnessed a swift rebound ? almost like a hurdle race where pent-up demand passed the baton to festive sentiment and tax-cut excitement, propelling sales to historic levels.
2Ws surged 52% YoY, supported by rural demand, GST reductions, and the festive rush.
PVs grew 11% YoY, decisively breaching the five-lakh mark to close at 5.57 lakh units, the highest ever in India?s retail history.
CVs expanded 18%, aided by freight movement and infrastructure activity, while 3Ws and Trac grew 5% and 14% respectively.
The introduction of GST 2.0 proved transformational ? lowering small-car GST rates made vehicle ownership more attainable, especially for the cost-sensitive first time buyer. This affordability boost, timed perfectly with the festive season, turned sentiment into action, the FADA said.
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