Excelsior Correspondent
JAMMU, June 7: The Federation of Automobile Dealers Associations (FADA) has released the Vehicle Retail Data for May 2023 for Jammu and Kashmir, showcasing a mixed trend in different vehicle categories.
As per FADA, the 2-wheeler category witnessed a downfall of -4.51% as compared to May 2022, 3-wheeler category registered a growth of 123.84%, commercial vehicle category witnessed a downfall of -11.01%, passenger vehicle category reported a growth of 6.67% and tractor vehicle category witnessed a downfall of -23.87%. “Overall, the total retail for May 2023 in J&K reached to 16,565 units, indicating a slight increase compared to 16,311 units in May’22,” the FADA added.
Chairperson of FADA Jammu Sanjay Aggarwal, while commenting on the performance of May’23, stated that the overall growth of 1.56% compared to the same month last year is an encouraging trend. He highlighted the increased penetration of electric vehicles (EVs) and the positive momentum in the Passenger Vehicle segment, driven by improved vehicle availability, pending orders and robust demand for new vehicles.
Aggarwal also mentioned the anticipated stable interest rates by RBI’s Monetary Policy Committee, which could contribute to the maintenance of vehicle demand and positively impact auto sales.
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