India: Auto sector registers 11% y-o-y growth in retail sales in Dec ’20

Retail sales of automobiles grew for the first time in a month this FY ’21 in Dec, according to the Federation of Automobile Dealers Associations (FADA). The industry sold 18,44,143 vehicles, up 11% y-o-y against 16,61,245 units in Dec ’19. Meanwhile, two-wheelers, passenger vehicles and tractors grew by 11.8%, 24% and 35.5% on a y-o-y basis. The growth was largely due to festival spillover demand and pre-buying due to the announcement of price hike in Jan ’21.