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Toyota India Witnesses 12% Growth In Retail Sales During Dhanteras

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Toyota India has witnessed a 12 per cent growth in retails during Dhanteras as compared to last year. The company is expecting sales in November will be more bullish when compared to October.

Toyota is hoping that sales in November will be more bullish than October sales expand View Photos
Toyota is hoping that sales in November will be more bullish than October sales

Highlights

  • Toyotas Dhanteras retail sales spiked 12 per cent this year
  • Pent-up demand with festive sales contributed to the oversales volume
  • Toyota hope sales in November will be more bullish than October

Toyota India's retail sales during Dhanteras increased by 12 per cent in 2020 as compared to the last year. Over the last few months, the Japanese carmaker has witnessed a gradual yet steady recovery, and the carmaker has attributed this demand increase to a few factors like festive offers, pent-up orders and festive demand. The carmaker said that pent-up demand along with festive season sales from the domestic market has contributed to the overall sales volume in the month of October and November.

Dhanteras marks the first day of the Diwali festival and is largely celebrated in the north and west India. As the day is considered very auspicious, people celebrate by purchasing gold, silver or any other valuables. Backing on this buying sentiment, the carmaker is hoping the retails this month will be more bullish than October.

Also Read: Toyota India Declares Lockout At Its Bidadi Manufacturing Facility In Karnataka​

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Toyota India has witnessed a gradual recovery in retails over the last few months

Naveen Soni, Senior Vice President- Sales & Service, TKM said in a statement, "If we talk about TKM sales & customer orders this festive season, there has been a 10%-13% increase in order taking this year on Dhanteras when compared to the same period last year. Dhanteras in 2020 has been celebrated over two days in various parts of the country and hence in terms of retail sales (dealer's sale to customer) also, we have witnessed a 12% growth when compared to Dhanteras in 2019. We are hoping that sales in November will be more bullish when compared to October."

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He further mentioned, "We are witnessing a gradual but steady recovery over the last few months and this can be attributed to a few factors including, pent up demand from the last few months, festive demand that has contributed to the overall sales in the month of October & November, consolidation of the market at the lower end due to personal mobility issues & finally, the kind of offers and schemes that OEMs have been offering to customers to push demand."

Also Read: Toyota Introduces Special Finance Schemes For The Festive Season​

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Pent-up demand along with festive sales helped in oversales volume of October & November

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However, the carmaker believes that the first two factors are topical and they will gradually taper down from next month onwards. The company has already witnessed a decline in demand from 36 per cent to 20 per cent last month, which was created due to pent up demand in the earlier months. And, the festive demand will only last till this month. The factors that are more prone to survive are schemes and offers from OEMs and consolidation of the market at the lower end due to personal mobility issues.

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