The festive season has spurred sales of automobiles in the Indian market. Sales grew by near 15% in October 2012 over October 2011, said Society of Indian Automobile Manufacturers (SIAM)
Society of Indian Automobile Manufacturers (SIAM) reported that the cumulative production data for April-October 2012 indicates production growth of only 4.12% over same period last year. The industry produced 1,829,490 vehicles in October 2012 as against 1,596,500 in October 2011, which grew by around 15 percent. Although the overall growth in domestic sales during April-October 2012 was 5.26% over the same period last year, buoyant consumers pushed sales during the period, SIAM reported.
Passenger vehicles segment grew near 11% during April-October 2012 over same period last year. Passenger cars grew near 3% and utility vehicles grew over 60% during April-October 2012 as compared to same period last year. However, in October 2012 passenger car sales grew over 23% over October 2011. Total passenger vehicles sales grew over 33% in October 2012 over same month last year.
The overall commercial vehicles segment registered growth of 4.26% in April-October 2012 as compared to the same period last year. While Medium & Heavy Commercial Vehicles (M&HCVs) registered negative growth at (-13.99) percent, Light Commercial Vehicles grew at 18.19 percent, SIAM said. During April-October 2012 automobile exports fell near 5% compared to the same period last year.