Pune: The Indian automakers' passenger vehicle retail sales, the barometer of the Indian economy, jumped 13.3 per cent in January 2024 to 3,93,250 units, an all-time high retail sales, due to robust demand for the sports utility vehicles or SUVs, the Federation of Automobile Dealers Associations or FADA said on Tuesday. The carmakers had retailed a total of 3,47,086 units in January 2023. 

“The SUVs demand along with the introduction of new models, greater availability, effective marketing, consumer schemes and the auspicious wedding season underpinned this strong performance,” said FADA President Manish Raj Singhania.

However, he maintained that despite record sales, serious concerns remain regarding PV inventory level, which is now in the 50-55 day range. “This calls for immediate

recalibration of production from OEMs to better align with actual market demand and avoid future oversupply issues," Singhania noted. The carmakers had reported record wholesales in January as they looked to build up inventory of new and refreshed models this calendar year.

“As adaptability is crucial in this dynamic industry, OEMs must balance innovation with strategic production planning to ensure sustained success and overall market stability," Singhania explained. Meanwhile, two-wheeler sales increased 15 per cent year on year to 14,58,849 units in January as compared to the sales during the same period last year. 

According to FADA, the demand for two-wheelers remains steady, fueled by continued rural demand.

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