Car sales in India grew 13.11 per cent to 2,11,402 units in February as customers rushed to buy vehicles fearing rise in prices post the Union Budget, to be presented this week.
Car sales in India grew 13.11 per cent to 2,11,402 units in February as customers rushed to buy vehicles fearing rise in prices post the Union Budget, to be presented this week.
The Society of Indian Automobile Manufacturers on Wednesday said the new definition for completely knocked down (CKD) units of vehicles introduced in the Budget for 2011-12 will significantly increase the cost for high-end players and also hamper the introduction of new products.
The optimism stems from benign fuel prices, adequate and well distributed rainfall and the recent measures announced by the government to boost liquidity at banks and NBFCs.
Data issued by Siam shows sale of PVs (cars, vans and utility vehicles) grew 14.3 per cent to 275,417 vehicles.
Weak monsoon rains could have a negative impact on India's automobile sector which is seeing early signs of improvement with the sale of passenger cars and utility vehicles rising in May.
The onus is on the banks to pass the benefit to customers.
Large number of buyers has put purchases on hold because of a combination of factors, including high fuel prices, higher insurance cost, and firm interest rates.
While two-wheeler sales are down 15 per cent year-on-year, passenger vehicles sales are lower by 5-7 per cent.
Major carmakers like Maruti Suzuki and Honda did not have diesel technology and it is in the last 3-4 years that they invested in diesel vehicles owing to shift in demand towards such models
Vehicle sales across categories registered a decline of 8.62 per cent to 20,86,358 units from 22,83,262 units in May 2018.
Declining motorcycle sales remained a cause of worry.
Vehicle sales across categories registered an increase of 5.03 per cent to 16,03,292 units from 15,26,514 units in November 2013.
Customers have started to factor in the narrowing gap between petrol and diesel and the premium that needs to be paid for a diesel vehicle.
This is the first decline since June this year when car sales declined by 11%.
This is the seventh straight month of growth
'It is going to be as high as 50% in the coming one or two months and can be about 20% to 25% in the medium term.'
India, is home to 15% of all traffic fatalities.
Commercial vehicles however declined by 2.83%
Sales of commercial vehicles rose 5.30 per cent to 52,481 units in January this year, SIAM said.
Demand for passenger vehicles has been driven by new models, especially in the SUV category with the likes of Maruti Vitara Brezza and Hyundai Creta clocking good numbers
During May, Maruti Suzuki's domestic car sales were up 2.59 per cent at 87,402 units as against 85,190 units in the same month last year.
Sales of commercial vehicles rose 8.59 per cent to 56,140 units in September, SIAM said.
Car sales in India surged by 12.87 per cent in December.
During April, Maruti Suzuki India's domestic car sales were up 2.72 per cent at 86,481 units, as against 84,188 units in the same month last year.
The impact of the ban will not be limited to sales.
At present, there are many vehicles that weigh close to the proposed increased weight of 600 kg.
An average of 30-40 per cent automation is standard across all big automobile plants in the country
The conversion from ownership to taxi hiring services is gaining ground.
Faced with stricter recall & testing norms, industry puts up a brave face, saying recalls improve consumer confidence
From farmers to cement, steel, logistics, transportation and automobiles, the back-end is struggling to get going due to the liquidity crisis.
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