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Car discounts in top gear on muted sales
Business Standard
|December 12, 2024
Inventory buildup prompting aggressive promotions in December
The Federation of Automobile Dealers Association (Fada) has said that discounts on passenger vehicles (PVs) have touched unprecedented levels.
This comes on the back of muted buying sentiment in the PV market, which saw a 14 per cent drop in retail sales following the festival month of October. In response, dealers and original equipment manufacturers (OEMs) are offering substantial discounts to reduce excess inventory, which is reportedly at a high of 65 days. This indicates a slowdown in vehicle sales, prompting a need for aggressive promotions to clear stock.
Surprisingly, discounts are as high as ₹3.7 lakh in December.
Automakers have announced a price hike for January 2025, which typically should advance the buying decisions of consumers.
This story is from the December 12, 2024 edition of Business Standard.
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