Figures released by the Society of Indian Automobile Manufacturers on Thursday also show that motorcycle sales in the country grew by 6.54 per cent during the month to 8,61,602 units from 8,08,728 units in the same month last year.
Domestic passenger car sales have recorded 33.88 per cent increase at 1,32,615 units in October from 99,052 units in the same month last year.
GST collections in February grew 18 per cent to over Rs 1.33 lakh crore in February even as the Omicron wave dented the month-on-month collection momentum. This is for the fifth time in the current fiscal that the Goods and Services Tax (GST) collection has crossed Rs 1.30 lakh crore mark. Also, this is the first time, cess collection has crossed the Rs 10,000 crore mark, signifying recovery in certain key sectors, especially automobile sales, the finance ministry said on Tuesday.
Bucking a trend of two consecutive months of drop in sales, passenger cars sales in the domestic market witnessed a 14.8 per cent jump in August 2005 at 72,165 units against 62,845 units in August last year.
Mahindra is the latest among a clutch of other manufacturers that have been using services, fuel efficiency and packages as unique selling proposition. Sales of Mahindra's heavy trucks dropped to 3,427 units in the eight months from April to September.
Vehicle retail sales in the country rose 57 per cent during the Navratri festival this year, clocking a record sales of nearly 5.4 lakh units, Federation of Automobile Dealers Associations said on Monday. Total vehicle retail sales between September 26 and October 5, 2022, stood at 539,227 units compared to 342,459 units sold during Navratri last year, FADA said in a statement. The sales registered this year were also a record, bettering the previous best of 4,66,128 units in Navratri of 2019, it added.
Postponing of plans to buy cars expecting excise duty cut in the Budget made domestic sales register almost a flat growth at 1.83% in February this year, but motorcycle sales rose by 17%.
The average size of auto loans stood at Rs 512,000 in the third quarter of 2012, compared to Rs 425,000 in the year-ago period.
Domestic passenger car sales declined by 18.56 per cent to 1,18,142 units in August 2012 compared to 1,45,066 units in the same month in 2011.
Surging truck sales of Tata Motors, Ashok Leyland and Eicher Motors drove commercial sales up by 34.6 per cent during the first eight months of this fiscal.
Domestic car sales increased by 7.6 per cent in October to 79,403 units as against 73,772 units in the same month last year.
Auto firms are likely to perform better in coming months.
The government's promise to review the tax structure for automobiles industry notwithstanding, the Centre for Monitoring Indian Economy on Monday
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Primary steel producers in the domestic market have raised product prices by 2.5 to 3 per cent for December to address margin compression and in anticipation of a demand pick-up.
Home-grown automobile major Mahindra & Mahindra, whose sales are predominantly driven by diesel-powered utility vehicles, has said an increase of Rs 5 a litre in the price of the fuel or a differential of up to 20 per cent with petrol price will not impact vehicle sales.
Passenger car sales saw a modest single digit growth in the domestic market in January 2005 at 8.17 per cent even as motorcycles continued their strong run, witnessing a 22.8 per cent jump fuelled by higher demand for Hero Honda and Bajaj Auto bikes.
Amid better semiconductor chip supplies, the Indian automotive industry posted an 8 percent growth in production of vehicles across categories for the month of May, with three-wheelers (20 per cent) and passenger vehicles (16 per cent) leading the pack. Exports, however, dipped 21 per cent at an industry level. The industry also recorded its highest-ever May wholesales of domestic passenger vehicles (334,802 units), riding on high demand for sport utility vehicles (SUVs) and better supplies of semiconductor chips.
Indian passenger car sales jumped by 10.15 per cent in January to 54,825 units from 49,769 units in the same month last year.
With car sales in India falling for a record ninth month in a row in July posting 7.4 per cent decline and that of heavy and medium commercial vehicles dipping for 17th month in succession, industry body SIAM said on Monday auto sector has started retrenching temporary workers.
The company retains tag of being India's largest luxury car seller.
The increase in bus and truck sales of Tata Motors and Ashok Leyland pushed commercial vehicle sales up by a robust 35.7 per cent in the first eleven months of this fiscal.
Declining motorcycle sales remained a cause of worry.
Maruti says, WagonR is one of the top 5 brands in India.
While the rich are buying expensive luxury vehicles in Patna, the poor continue to suffer. The pandemic, discovers M I Khan, has cast new light on the stark economic divide in the capital city of Bihar, India's poorest state.
Passenger vehicle wholesales in India declined by 27 per cent year-on year in October with semiconductor shortage hitting production of automobile manufacturers, auto industry body SIAM said on Friday. Passenger vehicle sales last month stood at 226,353 units, as compared to 310,694 units in the year-ago period. As per the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler dispatches to dealers also witnessed a 25 per cent decline at 15,41,621 units, compared to 20,53,814 units in October 2020.
This is the seventh straight month of growth
rediffGURU Krishna Kumar, founder and CEO of GoMoTech, offers expert advice on how to scale up in your career and life.
There was no sale of premium sedan Kizashi during the month.
Passenger car sales fell 0.89 per cent in the domestic market in June, the second time in the last six months, to 64,464 units from 65,046 units in the same month last year.
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
The passenger car sales stood at 83,121 units in the same month last year. According to the data released by the Society of Indian Automobile Manufacturers on Tuesday, motorcycle sales were up 42.4 per cent at 6,14,274 units in November compared to 4,31,171 units in the same month a year ago.
The push given to rooftop solar installation in the Interim Budget ties in with its high rate of adoption in Tier-II and -III cities of India. If original equipment manufacturers (OEMs) in the automobile industry, government, and the solar sector are to be believed, in cities of Rajasthan, Gujarat, and Kerala, 45-50 per cent of electric-vehicle (EV) users are employing rooftop power to charge their vehicles. This is compared to the national average of 25 per cent, say industry sources.
French carmaker Citroen will launch its C3 Aircross Sport Utility Vehicle (SUV) in India by October, and is betting big on exports from India to markets like South Africa, ASEAN (Association of Southeast Asian Nations) and Nepal, a top company executive told Business Standard. Citroen, which sold 6,000 units through Citron C3 and C5 Aircross SUV, is likely to double its sales during the current year, as it has already sold 6,000 units of Citron C3 and eC3 electric vehicles during the first six months. "We are going to start bookings for the C3 Aircross SUV in September and launch it in October. Price will be at the heart of the midsize SUV market," said Saurabh Vatsa, Citroen India branch head.
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
India's corporate sector is likely to report a slowdown in revenue growth and earnings for the July-September 2023 period (Q2FY24), according to earnings estimates by brokerages, after the country's top listed companies posted higher than expected profits for the first quarter. The combined net profit of Nifty50 companies, based on brokerage estimates, is expected to have grown by 19.6 per cent year-on-year (Y-o-Y) to Rs 1.75 trillion in Q2FY24 - a sharp deceleration from 37.6 per cent Y-o-Y growth in the combined earnings of index companies in the April-June 2023 period. According to estimates, the combined earnings in the second quarter would be down 8.8 per cent on a quarter-on-quarter (Q-o-Q) basis and the lowest in the past three quarters.
According to the figures released by the Society of Indian Automobile Manufacturers on Wednesday, domestic passenger car sales grew by 7.20 per cent to 1,96,013 units in January against 1,82,852 units in the same month last year.
Demand for passenger vehicles, which has been on a downhill so far this year, will continue to remain sluggish through the first half of 2014 due to high interest rates which has weakened consumer sentiment, says a Fitch Ratings report.
Sales of commercial vehicles rose 8.59 per cent to 56,140 units in September, SIAM said.
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.
