New Delhi, May 8 (IANS) The base effect, along with weak consumer sentiment and high interest costs, dragged passenger vehicle retail sales lower by two per cent on a year-on-year basis in April.
According to data furnished by Federation of Automobile Dealers Associations (FADA), passenger vehicle retail sales last month declined to 242,457 units from 247,278 units reported for the corresponding month of previous fiscal.
The data also showed that retail sales across categories including PVs, commercial vehicle, two-wheelers and three-wheelers were lower by eight per cent on a year-on-year basis.
Sales declined to 16,38,470 units from 17,86,994 units reported for the corresponding month of previous fiscal.
"The month of April ended on a negative note. Amongst the categories on a YoY basis, commercial vehicles and three wheelers..." FADA President Ashish Harsharaj Kale said in a statement.
"... which registered highest growth during FY'19 witnessed highest fall in the month of April, while 2W and PV de-grew (-) nine per cent and (-) two per cent respectively."
FADA said that accordingly, dealer inventory levels continue to remain high and requires further correction than done in recent months.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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