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
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
According to the data released by Society of Indian Automobile Manufacturers (SIAM), domestic car sales in October this year stood at 1,59,036 units as compared to 1,63,199 units in the same month of 2013.
The second quarter of FY22 continued to show double digit growth for the top four IT services providers, with every vertical and geography growing well, even though the total contract value (TCV) looked soft for all the players. The trend was first evident in Accenture's Q4 numbers, which saw its TCV in outsourcing deals softer. A soft TCV does not mean that growth is declining, but it does point to the trend of few and scarcer mega deals.
Car sales in India fell for a record seventh consecutive month in May with a decline of 12.26 per cent, prompting industry body SIAM to caution that the prolonged slump in the market could result in job losses in the automobile sector.
Commercial vehicles however declined by 2.83%
Declining motorcycle sales remained a cause of worry.
Gloomy macro-economic factors and negative sentiments continue to hit demand.
The challenges of transition to stricter emission norm BS-VI from BS-IV and compliance to new safety norms thereby making vehicles costlier are lurking around the sector.
Under the policy, which is applicable for all manufacturers, from two-wheelers to commercial vehicles, if a company is of the opinion that there is a manufacturing defect that compromises safety of vehicles, it will voluntarily rectify the problem free of cost to the customer.
Retail sales of cars are back to January 2018 levels in August 2021. Two-wheeler retail sales are 22 per cent lower, nearly four years down the line.
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.
Society of Indian Automobile Manufacturers lowered car sales growth projection to just 1-3 per cent for this fiscal from the 9-11 per cent announced in July.
The company, which sells every second car in the domestic market, said it expected production and sales to grow between 4 per cent and 8 per cent for the financial year started in April.
Total sales of commercial vehicles were down by 5.59 per cent to 48,473 units from 51,344 units in the year-ago period, SIAM said.
And the mega show kicks off!
Maruti Suzuki said there are many reasons for this downturn in the auto market such as liquidity crunch, increased prices of products due to regulatory issues, higher taxes and rise in insurance rates.
Car sales in India grew by just 2.2 per cent in 2011-12 , the slowest in two years.
Sales of vehicles across categories registered a growth of 3.75 per cent to 16,19,689 units in January against 15,61,130 units in the same month of 2013
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.
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
Automobile industry body SIAM on Monday lowered its vehicle sales growth forecast for FY'12 to 11-13 per cent from 12-15 per cent announced three months earlier, mainly due to higher interest rates and rising fuel prices.
Sales of commercial vehicles were up 11.45 per cent to 56,840 units in December 2015.
This is the first decline since June this year when car sales declined by 11%.
Thi is the best-ever monthly sales achieved in passenger cars, motorcycles and total two-wheelers segments.
Increasing the duties on auto parts and putting an additional cess on petrol and diesel could drive up costs of vehicles, specially where volumes are low and localisation is not viable.
The industry had witnessed a total sales of 12,63,293 units in August this year.
Coming out with its first ever such forecast, SIAM said rising commodity prices, supply constraints from components makers and a declining low-base effect will be the major factors that will impact the sales growth.
SIAM said excise duty must be lowered
Cars priced above Rs 25 lakh account for 1 per cent in India's 3 million-car market and the share has remained unchanged over the last five years.
Move to help India export hi-end vehicles.
TVS Motor Company, the only company in India to manufacture mopeds, said domestic sales dropped by 25.58% in April-Oct and exports fell by nearly 40%.
Already reeling under a demand slump, automobile manufacturers have expressed disappointment over the RBI's decision to hike short term lending rate saying it is likely to impact the interest rates on car and automobile loans further.
With entry-level cars being preferred amid the pandemic, market leader Maruti Suzuki has strengthened its hold, along with Hyundai Motor India.
Unlike in the past, this time around SUVs and utility vehicles seem to be losing lustre.
Domestic passenger car sales continued to grow for the fourth consecutive month, with May sales registering a 2.48 per cent rise, but the trend may reverse soon unless there is more support from the government, says industry body SIAM.
The heavy industries ministersaid that the proposal for the auto scrappage policy was ready and all stakeholders have provided inputs, therefore its announcement was likely very soon.
The change in stance follows a strong opposition by automakers of the proposed government plan to ban two-wheelers (below 150cc) and three-wheelers by 2023 and 2025, respectively
Domestic passenger car sales grew 2.64 per cent to 1,76,011 units in March.
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