Mumbai, March 13 (IANS) Weak consumer demand dented two-wheeler sales in February which dropped by 7.97 per cent on a year-on-year basis, the Federation of Automobile Dealers Associations (FADA) said on Wednesday.
Sales last month were at 11,25,405 units, down from 12,22,883 units in February 2018.
Starting with a huge hike in insurance costs in September, the industry has seen a lot of negative factors coming together in the past few months, leading to major postponement in purchase decisions and overall weakening of consumer sentiment, the FADA said in a statement.
"Auto dealers across the length and breadth of the country are in a high stock situation across all categories and inventory levels of passenger vehicles and commercial vehicles, which had seen partial correction in the past two months are now back to the unsustainable levels seen in November 2018," it said.
"After a month of spike in PV (passenger vehicle) sales in January, the industry is witnessing downward trend, as February turned out to be one of the slowest month for auto retails during this financial year," said FADA President Ashish Harsharaj Kale.
--IANS
ravi/sn/vd
(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)
0