While two-wheeler and passenger vehicles sales increased in October 2020, as compared to the corresponding period in the previous year, those of three-wheeler took a hit in the country, as per a statement by the Society of Indian Automobile Manufacturers here on Wednesday.
According to the release, the sale of passenger vehicles in October 2020 was 3,10,294 units as compared to 2,71,737 units in October 2019, marking a growth of 14.19 percent. Further, two-wheeler sales were clocked at 20,53,814 units in the previous month, as compared to 17,57,180 units in October 2019, revealing a 16.88 percent growth. However, three-wheeler sales dipped from 66,985 units in October 2019 to 26,187 units in the last month, reflecting a decrease of 60.91 percent.
The increase in two-wheeler and passenger vehicles has been witnessed despite the effects of the COVID-19 pandemic and the resulting slump in the economy. October also marked the beginning of the festive season in the country with Navratra and Dussehra is celebrated during the month. Healthy monsoon along with prospects of higher crop production are expected to lift domestic tractor sales growth by 10-12 percent in the current fiscal, said credit rating agency CRISIL. According to a Crisil report, higher volume and improved product mix will drive expansion in the operating margin of tractor makers, thereby supporting credit profiles. The report cited healthy monsoon and higher crop production as the key factors for higher sales volume forecast. In the past rabi season, crop production surged a significant seven% on-year, it said.
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