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PV sales remain under pressure despite deep discounts, schemes
The New Indian Express
|August 25, 2024
AFTER three years of blockbuster growth, passenger vehicle (PV) sales have come under pressure in FY25.
Due to waning pent-up demand and lack of interest shown by new consumers, dealer showrooms are filled with inventory of unsold vehicles despite steep discounts and promotional schemes.
"PV wholesale volumes grew 3% in Q1FY25 on a YoY basis, but retail volumes fell 7% amid factors like heat conditions, implementation of model code of conduct and the General elections impacting retail footfalls. While the underlying demand drivers remain supportive, ICRA expects domestic PV sales volume growth to fall to 3-6% in FY25 on waning replacement demand and effects of a high base," said Srikumar Krishnamurthy, senior VP & co-Group head corporate ratings, ICRA.
This story is from the August 25, 2024 edition of The New Indian Express.
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