Pre-buying of vehicles before OEMs’ price hikes lifted demand in December, said India Ratings and Research (Ind-Ra).The domestic automobile industry’s growth momentum had continued in December 2020, even after the festive season.
“This was mainly due to the increased demand as customers chose to pre-buy vehicles anticipating price hikes by original equipment manufacturers (OEMs) since January 2021,” the ratings agency said in its ‘Auto Monitor’ report for December.