Automobile sales in 2022 are expected to cross 38 lakhs, surpassing the pre-Covid record of 33.8 lakh in 2018.

Last year, sales stood at 30.82 lakh. So, the industry will post a growth of 22 per cent this year. Passenger vehicles wholesales were the highest in November at 3.22 lakh.

For the last six months of this year, wholesale figures have been above 3 lakhs. The cumulative sales from April to November stood at 26 lakh compared with 18 lakh a year ago, registering a growth of 37 per cent.

“This is a strong bounceback after Covid,” said Shashank Srivastava, executive director, Maruti Suzuki India Ltd (MSIL). Sales from January to November this year stood at 35 lakh against 28 lakh a year ago, a growth of 24 per cent.

However, with repo interest rates up, retail financing is taking a hit. Since 80 per cent of sales are dependant on retail financing, it is bound to reflect on overall sales.

The liquidity situation is also tight which affects the inventory financing rates.

SUVs make up 44 per cent of industry sales. The top 10 best sellers are from Maruti Suzuki India and the top five are hatches.

Stock levels went up to 246,000 units on December 1 up from 208,000 units in November because retailers lagged behind wholesales. December traditionally has been a high sales month as inventories are cleared with discounts. Besides, the price hike in the new year is another factor behind higher sales in December.

Maruti Suzuki India posted November sales of 1.4 lakh units up 20 per cent from 1.1 lakh units sold a year ago. Exports stood at 19,738 units down from 21,393 units in November 2021.