The automotive industry expected a good start to the festive season, supported by GST 2.0 reforms. The expectations of the automakers seem to be getting fulfilled with manufacturers recording boosted sales numbers. Hyundai, one of the major OEMs in India, has announced that they have registered sales of 11,000 units on Monday, which is also the first day of Navratri and the implementation of lower GST rates on cars.
Addressing the development, Tarun Garg, Whole-Time Director and COO, HMIL, said, "The auspicious start of Navratri, amplified by the momentum from GST 2.0 reforms, has infused strong positivity into the market. On Day 1 alone, Hyundai Motor India Limited recorded around 11,000 Dealer billings, which is our highest single-day performance in the last five years."
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"As one of the first automobile companies to fully pass on the full GST benefits to customers, we are delighted to make our customers' celebrations even more joyful. Looking ahead, we anticipate sustained festive demand and remain committed to delivering value and excitement to our customers," he added.
Monday marked the beginning of Navratri, following the end of the 16-day Shradh period, a time when people generally refrain from making new purchases. The timeframe that extends from the close of Shradh to Diwali is regarded as the prime festival season. Furthermore, on Monday, the eagerly awaited reduction of GST on small cars and SUVs from 28 percent to 18 percent was implemented.
All major passenger car manufacturers have announced that they will fully pass on the benefits of the GST reduction, while many, including Hyundai, have offered additional discounts beyond the decreased GST rates to enhance sales. In addition, the South Korean carmaker has also introduced special editions of its vehicles to attract buyers.