Car sales surge 21 per cent in November Y-o-Y
08 December 2010
Car sales in India surged 21 per cent in November compared to November 2009 with customers picking up new models in a booming auto market, according to industry data released today.
Last month sales rose to 161,497 cars as against 133,703 a year earlier, according to a statement from the Society of Indian Automobile Manufacturers (SIAM), in a rapidly expanding economy.
However, the number of cars sold was down from October, which recorded a rise of 38 per cent year-on-year at 182,992 units, the highest ever monthly total, boosted by the religious festival season, when buying is considered auspicious.
According to Sugato Sen senior director of SIAM, additional volumes tapered off from the festival season.
Car sales from the start of the financial year in April to November were up 32 per cent from a year earlier, driven by increasing purchasing power of the 300 million strong Indian middle class.
According to SIAM passenger car sales for the fiscal year to 31 March should be up by at least 25 per cent outpacing by far, the group's initial forecast of growth of 12-13 per cent.
India has in recent years emerged as a major market for global vehicle manufacturers such as Ford, Renault-Nissan, General Motors and Volkswagen, all of whom have come out with new models in the country as they seek new markets.
Sales of commercial vehicles considered a barometer of economic health surged 18.26 per cent to 48,314 units from a year earlier.
According to SIAM, easy availability of finance and new models are expected to keep the up the tempo of the vehicle sales.
The Indian market which is the third-largest in Asia is projected to triple in the next decade to 6 million cars a year from the current level of 2 million cars as per industry estimates.
Motorcycle sales in the country during the month were up 15.61 per cent to 7,10,182 units from 6,14,274 units in the same month last year according to SIAM figures.
Total two-wheeler sales in November grew 17.68 per cent from 7,90,613 units in November 2009 to 9,30,370 units.
Sales of commercial vehicles were up 18.26 per cent at 48,314 units from 40,855 units in the year-ago period, according to SIAM.
Total sale of vehicles across categories were up 17.81 per cent to 12,21,981 units in November as against 10,37,232 units in the same month last year, it added.