Sales of two-wheelers at dealerships stayed below the pre-pandemic level as registrations fell for the fourth straight month amid waning pent-up demand and mounting fuel prices.
Two-wheeler registrations — a measure of sales at dealerships — fell 7.7% over the preceding month in February 2021, and are close to 17% and 41% lower than a year ago and March 2020 levels, respectively, according to data compiled by BloombergQuint from the Ministry of Road Transport and Highways' Vahan website.
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That corroborates with analyst estimates compiled by BloombergQuint. Inquiries for two-wheelers in February were lower for both urban and rural regions, Deep Shah and Amber Shukla, analysts at Prabhudas Lilladher, have said in a note. That, according to them, prompted dealers to offer higher discounts during the month.
And that's just a month after automakers, including two-wheelers, hiked prices across models to fight rising input costs.
Overall retail sales, too, declined 7.5% month-on-month and 13.6% over the year earlier in February.
Besides two-wheelers, registrations of commercial vehicles and three-wheelers remained below the pre-Covid level, while that of passenger vehicles and tractors exceeded.
Passenger Vehicles
Passenger car registrations fell 12% over the preceding month in February but rose 10.1% year-on-year.
Among the automakers tracked by BloombergQuint, only MG Motor and Kia Motors reported a rise in retail shipments both month-on-month and over the year earlier.
Barring these two new entrants, all other automakers posted a drop in registrations over the preceding month. Mahindra & Mahindra Ltd. witnessed a decline in sales at dealerships over January and year-on-year for the third straight month.
Two-Wheelers
All two-wheeler makers tracked by BloombergQuint, barring Yamaha Motor Co., posted a decline in retail sales over the year earlier. Month-on-month, only Ducati and Triumph witnessed a rise in registrations.
Commercial Vehicles
Retail sales of commercial vehicles rose 5.2% over the preceding month in February but fell 31.7% year-on-year.
Tractors
Tractors registrations remained flat month-on-month I February but rose 17.6% over the year earlier.
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