automobile industry made a stellar comeback in the second half of FY despite the adverse impact of the Covid-19 induced economic downturn as sales surged due to better-than-expected economic recovery and shift in customer preference towards personal mobility.
Overall decline in volumes have been substantially less than what was expected by analysts and industry executives.According to ratings firm Care Ratings, third quarter of FY 21 witnessed a turnaround in the industry as its wholesales as well as retail volumes started gaining momentum, owing to the pent-up demand, festive and wedding season.“It is noteworthy that by the end of the year, the automobiles industry made a comeback.