Pre-buying before OEMs price hikes, lifted Dec vehicle demand: Ind-Ra By IANS | Published on Sat, Jan 23 2021 14:51 IST | 0 Views
New Delhi, Jan 23 : Pre-buying of vehicles before OEMs' price hikes lifted demand in December, said India Ratings and Research (Ind-Ra). The domestic automobile industry's growth momentum had continued in December 2020, even after the festive season. "This was mainly due to the increased demand as customers chose to pre-buy vehicles anticipating price hikes by original equipment manufacturers (OEMs) since January 2021," the ratings agency said in its 'Auto Monitor' report for December. "Continued consumer preference for personal mobility coupled with the festive season demand had seen the domestic automobile industry's volumes increase by 11 per cent YoY in 3QFY21 with PV and 2W sales volume up 14 per cent and 13 per cent YoY, respectively."