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Auto sector to report over 40% growth in festive season

Auto sector to report over 40% growth in festive season

Auto sector to report over 40% growth in festive season
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By Parikshit Luthra  Oct 27, 2022 8:15:14 AM IST (Published)

According to industry estimates, at least four lakh cars have been sold since September 26, which was the first day of Navratri.

India's automobile sector is set to register a minimum of 40 percent growth in the festive season. Industry sources say, there is an expectation of strong double-digit growth compared to 2021 and single-digit growth compared to 2019. Once again, the passenger cars segment was the driver of growth for the auto sector during the festive period.

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According to industry estimates, at least four lakh cars have been sold since September 26, which was the first day of Navratri. CNBC-TV18 has learnt from sources that Maruti Suzuki is expecting a 45 percent growth on a year-on-year basis and has already sold 1.9 lakh units till Diwali and Bhai Dooj. However, the numbers are still below 2019 festive sales figures. For the market leader, the highest-selling models during this period were the Alto, WagonR and Baleno.
The Mahindra Group too is all set to report strong festive sales volumes. "Festive season for us has been very good. Sales are significantly higher by 2 to 2.5 times compared to last year. This is largely on account of much better demand, new launches across all categories and not just SUV’s and our ability to manage supply chain challenges", a company spokesperson told CNBC-TV18.
The strong momentum for SUVs continued in the festive season with high demand for Mahindra XUV700 and ScorpioN, Hyundai Creta, Kia Seltos and Carens, Tata Harrier and the Safari.
Mercedes Benz is expecting a 15 percent growth in festive sales over 2021. Speaking to CNBC-TV18, Santosh Iyer, Vice President, Sales and Marketing at Mercedes Benz said “This festive season has been one of the best for Mercedes-Benz India as we are witnessing pre-COVID levels of sales, despite facing supply shortages. We are striving to deliver maximum number of cars to our customers this year, as they have booked their cars pre-festive season, waiting for 3-9 months. The continuous demand for our products is extremely encouraging, resulting in over 800+ deliveries during Navratri-Dussehra and another 600+ during Dhanteras and Diwali. In addition, there is a 1000+ fresh bookings during the current festive period alone".
Automotive dealers that CNBC-TV18 spoke to said that growth in two-wheeler sales volumes is likely to be in double digits over 2021. Industry sources add that sales of entry-level commuter bikes and scooters continued to be under stress even during the festive period.
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