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The domestic automobile sales volumes grew by 20% YoY in November 2022. The growth momentum continued due to the ongoing wedding season, lucrative offers, a low base last year due to the Omicron variant, and supply disruptions of semiconductor chips.
However, domestic sales volume declined by 19% on a sequential basis which is attributable to seasonality on account of record festive season sales in October 2022. Exports in November 2022 declined by 16% on a y-o-y basis due to ongoing global headwinds and challenges in some export markets.
Further, healthy double-digit sales momentum is expected to continue in December 2022, backed by continued healthy demand and discounts by OEMs to clear their year-end stocks.
However, rising interest rates along with the increased cost of borrowing and ownership continue to be a concern that will further dampen consumer sentiment, especially in the two-wheelers and entry-level passenger vehicle segment.
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