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India domestic car sales grow at fastest pace in 22 months in October
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Tuesday, 13 Nov 2012
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PTI reported that festivals and the ongoing marriage season have brought cheers to the car market in October with the sales growth reaching the highest in the past 22nd months.

Car sales in India grew 23% last month. After January 2011, when it's had jumped by 25.27%, it was a downward slide. According to the data released by the Society of Indian Automobile Manufacturers, carmakers sold 172,459 vehicles last month.

The demand was also fuelled by new launches and the improved delivery of diesel cars in the domestic market. Sales of Maruti's blockbuster Swift and DZire models, which have reached their normal production at the Manesar plant, went up by 87%, with 96,002 cars dispatched from its factories last month.

The best ever discounts in the past 3 years has also propelled sales during the festive period. Carmakers are offering rebates from INR 25,000 to as high as INR 0.5 million to woo customers. Indian consumers tend to buy cars in the festive season, which starts in the middles of September till Diwali.

Buoyant demand has helped automobile companies such as Hyundai India, Mahindra & Mahindra, Toyota Kirloskar, Honda and Audi to post impressive gains.

Mr Sandeep Singh deputy MD (marketing) of Toyota said that "The demand for the utility vehicle segment MPV & SUV is strong. We hope to see the market picking up even beyond the festive season continues for the next few months."

Source - PTI

(www.steelguru.com)

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