JOIN USThe August sales outshined July's record of 158,674 cars. Earlier Maruti Suzuki, Hyundai, TATA and Ford had reported robust growth figures for the month of August, with Maruti touching an all time high sales rate of 23.6 percent at 104,791 vehicles as against the same period last year.
Lower borrowing rate new car launches and an expanding economy are said to be the reasons for the robust growth. SIAM also reported a 32.38 percent cumulative growth in the Indian automobile industry which stood at 7,063,063 vehicles for April-August 2010 over the same period last year.
"Passenger cars grew by 34.32 percent, Utility Vehicles grew by 22.56 percent and Multi Purpose Vehicles (MPVs) grew by 50.68 percent in April-August 2010 over same period last year," said SIAM in a statement.
It said the commercial vehicles segment registered a growth of 44.75 percent in the period of April-August as compared to the same period last year. "Medium & Heavy Commercial Vehicles (M&HCVs) registered growth at 65.91 percent and Light Commercial Vehicles grew at 29.68 percent," the statement said.
SIAM also reported a 20.15 percent of cumulative growth in the Three Wheelers segment. While in the passenger three- wheelers grew by 23.84 percent and goods carriers grew at 5.46 percent in the same period.
The Two wheelers segment also registered a 27.22 percent growth rate in the period, which included Scooters, Mopeds and Motorcycles at 44.45arj percent, 24.18 percent and 24.41 percent respectively. SIAM said the industry's exports in April-August grew at 48.42 percent.