Press Esc to close
Friday 19 September 2014
News updated at 1:00 AM IST
Weather
Max: 27.8°C
Min : 20.1°C
In Bangalore
Sunny day

Domestic car sales down 4.7%, says SIAM

Mumbai, Oct 8, 2013, DHNS

Car sales in the country have declined by 4.7 per cent during April-September, which is the sharpest decline in half-year sales since 2002-2003, as per the latest data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday.

Even as cars posted a marginal 0.7 per cent growth in sales in September, when 156,018 units were sold in India, the Indian auto industry is facing a second consecutive year of decline largely impacted by rising fuel prices and high interest rates that forced consumer to delay fresh spending in a slowing economy.

While rupee movement has seen correction, the concerns of high interest rates still persist, said SIAM. According to SIAM President Vikram Kirloskar, “Interest rates are still very high in the country, but the rupee movement seems to have stabilize now. We are not seeing any encouraging signs on the economy side and I'll be thrilled if the auto industry is flat or a little bit positive.”


Domestic car sales continued to decline for the past nine months with a minor uptick in August on the back of some good performance by segment leader Maruti Suzuki. The sluggish sentiments has taken its toll not just on the vehicle manufacturers, but the entire industry, including component manufacturers, financers and dealers, as the tapering demand is affecting jobs in the market.

The Indian auto industry is however expecting some recovery in demand on the back of a strong monsoon which have supplemented farm incomes as well as some excitement from new car launches like Ford EcoSport, Hyundai Grand i10 and Honda Amaze that are seeing some strong sales. The sales of motorcycles that rose 17.4 per cent in September to 8.85 lakh units proved to be a silver lining for the struggling auto industry.

Go to Top

Photo Gallery
A man collects drinking water from a partially submerged hand-pump in Srinagar...

A man collects drinking water from a partially submerged hand-pump in Srinagar...

Formula One drivers take off their headsets as they leave a news conference...

Formula One drivers take off their headsets as they leave a news conference...

Contestants of Femina Style Diva 2014 take a selfie with actress Mugdha Godse...

Contestants of Femina Style Diva 2014 take a selfie with actress Mugdha Godse...

Narendra Modi explains about the working of spinning wheel to Chinese President Xi Jinping...

Narendra Modi explains about the working of spinning wheel to Chinese President Xi Jinping...

Police lathicharge RLD supporters who were holding a protest against the Union government...

Police lathicharge RLD supporters who were holding a protest against the Union government...

Fawad Khan and Sonam Kapoor promote their upcoming film Khoobsurat...

Fawad Khan and Sonam Kapoor promote their upcoming film Khoobsurat...

Actors Shivarajkumar and Upendra offering the cake each other on the occasion of Uppi's birthday...

Actors Shivarajkumar and Upendra offering the cake each other on the occasion of Uppi's birthday...

Indian Oil Corporation rescue operators demonstrate a mock drill under...

Indian Oil Corporation rescue operators demonstrate a mock drill under...

Virendra Sehwag and George Bailey at the unveiling of Kings XI jersey...

Virendra Sehwag and George Bailey at the unveiling of Kings XI jersey...

People tearing a poster of actor Vijay...

People tearing a poster of actor Vijay...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523