In March this year, the sales of the passenger vehicle raised to 126 percent. On the other hand, there was a surge of 85 percent in the two-wheeler sector.
Certain events happened during the week that involves the repetition of an upsurge in the prices.
The price of raw materials increased in recent times. Consequently, this led to a rise in the rates of car manufacturing companies. This attempt of hike in prices reduces the strain on the low profit-earning capacity of the companies.
The price hike applies from April 1 which is twice in a period of 4 months. Honda motor company plans to launch its new variants CB650R, CBR650R. Further, both variants involve the export delivery in part and are assembled by the reseller after reaching the receiving end.
The prices of the bike are Rs 8.67 and Rs 8.88 lakh for CB650R and CBR650R respectively.
Also, Mahindra and Mahindra Ltd. permitted the consolidation of Mahindra Electric Mobility into Mahindra and Mahindra.
Hero Motocorp marked the gain of 72 percent domestic sales in the last month which amounts to 576,957 units.
Additionally, sales of Honda Motorcycle and HMSI accelerated by 78 percent that gives a total of 395,037 units.
There was a rise in the demands for the vehicle even though the cases of covid-19 are rising.
The reasons for the high demand involve the introduction of new models in the market. Also, the reasons may be the desire of purchasing an additional vehicle, avoidance of public transport, and low interest rate.
Further, the sale of tractors in the rural region increased with an increase in the farm revenue.
As per the reports, people have high demand in the vehicle due to uncertain situations and pandemic.
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