In September, 🚙 India’s automobile retail sales saw a 9% decline year-on-year🔻, with private vehicles (PVs) experiencing an even steeper drop of 18.81%📉. This sharp decline in sales has led to PV dealers holding an unusually high level of unsold inventory, equivalent to 80-85 days of sales or about 7.9 lakh vehicles, worth around ₹79,000 crore.⚙️ The aggressive dispatches by Original Equipment Manufacturers (OEMs) have contributed to this stockpile, putting financial pressure on dealers due to unsold vehicles tying up capital.💰
Moreover, overall registrations dropped to 17,23,330 units in September 2024, compared to 18,99,192 units in September 2023.🚙
Seasonal factors like Shraddh and Pitrapaksha, along with heavy rains and a sluggish economy, have intensified these challenges, leaving dealers with record-high inventory levels.📊
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