Domestic car sales rise nearly 26 per cent

After a period of gloom, the auto industry bounced back in August, registering a 25.59 per cent growth in domestic passenger car sales, as compared to the year-ago period, industry data released Tuesday showed.

According to the Society of Indian Automobile Manufacturers (SIAM) data, 120,669 units were sold last month, compared to 96,082 units in August 2008.

SIAM said two-wheeler sales similarly surged 25.11 per cent to 776,777 units from 620,883 units.

Sales of commercial vehicles increased for the second consecutive month, growing 18.48 per cent to 40,624 units in August from 34,289 units in the year-ago period.

The cumulative production data for April-August shows that the passenger vehicles segment grew at 11.97 per cent while sales of medium and heavy commercial vehicles declined 23.54 per cent.

Light commercial vehicles grew at 21.75 per cent, SIAM said.

Three-wheelers sales recorded a growth rate of 12.09 per cent and that of passenger carriers by 20.93 per cent.

The overall automobile sector exports grew 3.18 per cent in April-August, though exports of passenger vehicles dipped.

"August registered robust sales due to the pre-festive season buying," said consultancy Angel Broking.

"Easier availability of credit, lower interest rates and higher consumer confidence in the last few months also boosted sales," it added.

No comments:

Post a Comment