Indian Carmakers shows signs of Recovery in October
TNI Bureau: Indian auto market, which was slowed down for a while because of high interest rates as well as the big price rise of fuel, has revived up to some extent as achieved a better-than-expected sales in the festive season, in October this year.
All the auto majors had launched some new models during the festive season and they have managed to grab a considerable rise in sales, as compared to the sale of October in other years as well as the total sales since last few years.
While Maruti Suzuki, India’s largest passenger carmaker, recorded 85.5 percent year-on-year rise in its October sales, the Indian unit of Hyundai Motor achieved a 21 percent rise in total sales to 58,785 vehicles in October. However, another auto leader of India Mahindra & Mahindra’s sales rose to 29% to 53,438 vehicles. M & M actually posted its highest-ever monthly sales volume in October due to demand for the XUV500, Quanto and Scorpio models.
Maruti Suzuki India sold 103,108 vehicles in October, though the company was hit by labor unrest for a year. Ford India sales rose to a 5.35 percent to 10,948 vehicles in October. Tata Motors’ sales rose to six percent to 71,771 vehicles, with growth seen across all segments in October sales.
Toyota Kirloskar Motor Pvt. Ltd., a unit of Toyota Motor Corp. recorded 14% growth in October sales to 12,281 vehicles.
In the two-wheeler segment, Hero MotoCorp., the country’s largest motorcycle and scooter maker by sales, witnessed a 3.3% to 529,215 vehicles. Another two-wheeler maker TVS Motor Co. reported 3.7% sales to 190,438 vehicles.
Though India is a big market in relation to auto industry, some faulty decisions by the govt. has led to a big increase in tax and inflation, which has highly affected sales of the cars, SUVs etc. However, after witnessing handsome sales in October, the companies are hopeful for the Diwali, when many customers would like to buy a vehicle as India thinks it auspicious to own a vehicle during the festival of light.