India car sales hit monthly record
Friday 10 September 2010
Car sales in India hit a record monthly high in August, industry data showed, as consumers flocked to showrooms in a booming auto market flooded with new models and cheap loans.
Sales of cars are likely to remain strong in the ongoing festive season as the fast-expanding industrial sector boosts incomes and farm output in rural areas picks up after a strong monsoon.
Sales of passenger cars jumped 33.2 percent in August from a year earlier, reaching 160,794 units, data from the Society of Indian Automobile Manufacturers (SIAM) showed.
Sales of trucks and buses grew 28 percent to 52,030 units.
"We are going to exceed the projections (for this financial year)," said Vishnu Mathur, SIAM's director-general, referring to a previous forecast for annual growth of 12-13 percent in the year to March.
"We have so far grown much higher than the forecast."
India is fast turning into a major battleground for global vehicle manufacturers such as Ford, Renault-Nissan, General Motors and Volkswagen, which have each launched new models in the country.
The market, Asia's third biggest, is projected to triple over the next decade to six million cars a year from the current two million, according to industry estimates.
Sales are still dominated by Japanese-owned Maruti Suzuki, which has over 60-percent market share.
The group announced a 23.5 percent jump in sales to 104,791 cars in August, up from 84,808 in the same month a year ago.
Analysts forecast passenger car sales to remain strong in coming months and years, with the numbers of cars per capita among the lowest in any major automobile market.
"The festive season demand will be strong, due to the rural India pick-up," said Vaishali Jajoo, analyst with Angel Broking.
Jajoo expects India's auto sales to grow by 16 percent in the 12 months to March 2011, from an earlier estimate of 15 percent.
Asia's third-largest economy grew by 7.4 percent in the financial year ended March 2010 and is forecast to grow by at least 8.5 percent this year.
Life & Style blogs
What marriage would look like if we actually followed the Bible
Overly-controlling parents cause their children lifelong psychological damage, says study
What do the emojis on Snapchat mean?
Star Wars BB-8 droid toy is real, should be impossible
Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition
Britain to take more refugees as Cameron bows to pressure after more than 250,000 back our campaign
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Refugees welcome: More than 250,000 sign Independent petition calling for Britain to 'take its fair share'
- 1 What marriage would look like if we actually followed the Bible
- 2 President Obama leaves touching comment on Humans of New York photo from Iran
- 4 The Chinese city where men have 'three girlfriends because there are so many women'
- 5 'Heartbreaking' Syria orphan photo wasn't taken in Syria and not of orphan
£37040 - £43600 per annum: Recruitment Genius: The UK's export credit agency a...
£25000 - £27500 per annum: Recruitment Genius: This company provides a compreh...
£16800 - £19500 per annum: Recruitment Genius: Would you like to join an organ...
£25000 - £28000 per annum: Recruitment Genius: In the last five years this com...