By IANS,
New Delhi : Even as auto companies worldwide are in a slump, India saw a 25.59 percent growth in the sale of passenger cars in the domestic market in August, compared to the like month of last year, industry data showed Tuesday.
According to the Society of Indian Automobile Manufacturers (SIAM), 120,669 units were sold last month, compared to 96,082 units in August 2008. SIAM said two-wheeler sales similarly surged 25.11 percent to 776,777 units from 620,883 units.
Globally, China has seen a 60 percent decline in automobile sales while the dip has been 43 percent for Thailand and 31 percent for South Korea. In the US, General Motors, which had dominated the global auto industry last century, even had to file for bankruptcy.
In India, the sales of commercial vehicles increased for the second consecutive month, growing 18.48 percent to 40,624 units in August from 34,289 units in the year-ago period.
“August registered robust sales due to the pre-festive season buying,” said consultancy Angel Broking. “Easier availability of credit, lower interest rates and higher consumer confidence in the last few months also boosted sales.”
The cumulative production data for April-August shows that the passenger vehicles segment grew at 11.97 percent while sales of medium and heavy commercial vehicles declined 23.54 percent.
Light commercial vehicles grew at 21.75 percent, SIAM said. Three-wheeler sales recorded a growth of 12.09 percent and that of passenger carriers by 20.93 percent.
The overall automobile sector exports grew 3.18 percent in April-August, though exports of passenger vehicles dipped.