India car sales soar 30 percent in 2010-11
Sunday 10 April 2011
Indian passenger car sales soared by 30 percent in the past year, the most in over a decade, but surging raw material costs will put the brakes on further growth, an industry body said Friday.
Car sales grew to 1.98 million units in the just-ended fiscal year to March 2011 from 1.53 million the previous year, spurred by cheap loans and new model launches, the Society of Indian Automobile Manufacturers (SIAM) said.
"We have ended the year on a reasonably high note. We have reached a very strong base," SIAM president Pawan Goenka told reporters.
India is the second-fastest growing auto market in the world after China.
But Goenka said growth would slow to 16 or 18 percent this year due to rising commodity prices and costlier loans resulting from a tighter monetary policy aimed at curbing inflation.
The percentage gain in car sales in the year to March 2011 was the highest since 2000 when car sales soared 60 percent, SIAM said.
The sustained expansion of the Indian market in the face of saturated markets in the West has turned the country into a battleground for global vehicle manufacturers.
Ford, Renault-Nissan, General Motors and Volkswagen have all launched new models in India recently.
Sales of Japanese-controlled Maruti Suzuki, India's car market leader, jumped by 26.24 percent to 966,447 units last year from a year earlier, while sales of rival South Korea's Hyundai Motor increased by 13.95 percent to 358,904 units.
In March, passenger car sales in Asia's third-largest economy climbed by 24.37 percent to 194,199 units from the same month a year earlier, SIAM said.
Sales of commercial vehicles - seen as an important barometer of economic health - climbed by 15.35 percent to 77,688 units from a year ago, the auto group said.
Total sales of vehicles across categories grew by 19.42 percent in March to 1,465,909 units from the same month a year earlier.
Life & Style blogs
Alexander McQueen at auction: What makes a really great piece of fashion?
A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
No female ejaculation, please, we’re British: a history of porn and censorship
Stressed nurses are 'forced to choose between health of patients and their own'
Pornhub: Kim Kardashian's sex tape is the most-watched porn video of all-time
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Negotiable: Recruitment Genius: A Support Engineer is required to join a well-...
Negotiable: Recruitment Genius: This is an exciting opportunity to join an awa...
Negotiable: Recruitment Genius: A Facilities Manager is required to join the m...
£14000 - £35000 per annum: Recruitment Genius: This independent telecoms compa...