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Auto Sales Grow 20% In Nov As Positive Sentiments, Low Base Aid: CareEdge

The domestic automobile sales volumes grew by 20% YoY in November 2022.

<div class="paragraphs"><p>Vehicles moving in slow traffic. (Photo: Roger Victorino /Source: Unsplash)</p></div>
Vehicles moving in slow traffic. (Photo: Roger Victorino /Source: Unsplash)

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CareEdge Research Report

The domestic automobile sales volumes grew by 20% YoY in November 2022. The growth momentum continued due to the ongoing wedding season, lucrative offers, a low base last year due to the Omicron variant, and supply disruptions of semiconductor chips.

However, domestic sales volume declined by 19% on a sequential basis which is attributable to seasonality on account of record festive season sales in October 2022. Exports in November 2022 declined by 16% on a y-o-y basis due to ongoing global headwinds and challenges in some export markets.

Further, healthy double-digit sales momentum is expected to continue in December 2022, backed by continued healthy demand and discounts by OEMs to clear their year-end stocks.

However, rising interest rates along with the increased cost of borrowing and ownership continue to be a concern that will further dampen consumer sentiment, especially in the two-wheelers and entry-level passenger vehicle segment.

Click on the attachment to read the full report:

CareEdge Research Auto Sector Update December 2022.pdf

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