NEW DELHI: New models and lower financing rates kept the momentum going for car sales that saw a healthy 30% growth in May. According to figures released by Society of Indian Automobile Manufacturers (Siam), car sales stood at 1.48 lakh units in May against 1.13 lakh units sold in the same month last year. The surge was led by strong performances by nearly all carmakers, including Maruti Suzuki, Tata Motors, Hyundai, Mahindra & Mahindra, GM and Ford. As many as 14 of the 16 carmakers who report to Siam recorded gains.
Overall, automobile sales in the domestic market — including three wheelers and commercial vehicles — grew 30% in May at 12.08 lakh units against 9.29 lakh units in the same month last year. Exports of vehicles grew even faster at 49.5% — despite fears of a demand slowdown in Europe.
The demand curve has been so strong that many models, mostly the newer ones, enjoy a waiting list in the market. Queries have been more for some of the newer models like Maruti's Eeco, Ford's Figo, GM's Beat and Volkswagen's Polo. Companies have been investing heavily to boost production. While the revival in the economy has been one of the biggest booster factors behind the resurgence after a brief period of lull around late 2008 lower rates also helped.
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