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August auto sales dip due to excess rainfall, FADA urges banks to tighten funding
The Business Guardian
|September 08, 2024
Auto retail sales in India experienced a significant decline in August 2024, primarily due to excessive rainfall during this monsoon season, according to a report by the Federation of Automobile Dealers Associations (FADA).
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The report highlighted a 7.01 per cent month-onmonth (MoM) decline in overall retail auto sales, falling from 20.34 lakh units in July to 18.91 lakh units in August. However, despite this monthly setback, the sector witnessed a modest 2.88 per cent year-on-year (YoY) growth compared to August 2023.
“India saw 15.9 per cent excess rainfall, with a significant surplus in key regions, disrupting auto retail performance,” said the report.
This story is from the September 08, 2024 edition of The Business Guardian.
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