Retail figures for passenger vehicles in November outpaced wholesale figures with festive sales lasting till November 15.

Passenger vehicle wholesale numbers for November stood at 335,354 units compared with 332,600 units in November last year, registering a growth of 3.9 per cent.

Retail figures shot up primarily because of the Dhanteras-Diwali sales and stood at 348,422 units compared with 284,660 units in November 2022. This shows a sizeable growth of 22.4 per cent.

However, last year the festive season was over before November.

Stock levels stood at 330,200 units at the end of the month, dropping from 335,000 in the beginning of November.

Post November 15, sales and bookings have dropped and OEMs are expected to modulate their production and wholesales to clear stocks by the end of the year.

With 35 days’ stock levels in the sales channels, OEMs are expected to push for retail sales with heavy discounts.