Sales of domestic vehicles rose 1.55% in October, falling for three straight months, despite low market sentiment affecting the demand for the festive season, the Indian automaker SIAM announced today.
According to recent data released by SIAM, passenger vehicle (PV) in October stood at 2,84,224 units compared to 2,79,877 units a year ago.
In July, August and September, PV sales fell by 2.71%, 2.46% and 5.61%, respectively.
SIAM CEO Vishnu Mator said that the positive growth in PV sales recorded in October reflects the general trend in the automotive industry.
Overall, the data shows quite healthy growth. There is a positive movement in the automotive industry, he said.
Car sales between categories
An increase of 15.33% to 24,94,426 units from 21,62,869 units in October 2017.
On PVS, Taur said, "Slow growth is mainly due to the base effect other than other factors such as increased insurance, high fuel prices and stock market decline affecting emotions."
Asked whether these factors affect the festive mood, Matour said, "The real impact of the festive sales will only be known next month as Diwali was in November, but by the end of October sales were slow and it was not like the festive season."
He, however, said SIAM was maintaining its growth forecast for PVS at 7-9% for funds.
In April-October, overall physical sales rose 6.10% to 20,28,529 units from 19,11,883 units last year.
Siam deputy general manager Sugato-san said October PV sales were by expectations going forward and the body industry expects it to pick up another portion of the remaining funds.
During the month, the ROTI Suzuki market in India recorded a bullish growth of 0.61% in PV sales at 1,35,948 units. The rival Hyundai Motor India also recorded an increase of 4.87% at 52,001 units.
Homegrown major vehicles in Mahindra & Mahindra recorded a 2.75% increase in its PV sales at 24,056 units in October.
In October, vehicle sales rose marginally by 0.38% to 1,85,400 units last month, compared with 1,84,706 units last year.
Siam reported an increase of 17.23% in 20,53,497 units compared with 17,51,608 units last year.
The growth was mainly due to the sale of good motorcycles, which rose by 20.14% last month to 13,27,758 units compared with 11,05,140 units last year.
"There is a strong demand coming from rural marketers for motorcycles which drives sales growth to a large extent," Mathur said.
During the month, the MotoCorp stock market led its bicycle sales by 18.83% to 6,42,374 units. The Bajaj auto drop also witnessed 33.1% jump to 2,81,582 units, while Honda Motorcycle Scooter India (HMSI) also recorded growth of 16.33% in its bike sales at 1,68,020 units in October.
Scooter sales in October were 6,43,382 units compared with 5,71,431 units in the same month last year. Market leader HMSI scooter sales were at 3,222,115 units in October, up 9.89%. Chennai-based TVS Motor recorded a jump of 41.46% in its scooter sales at 1,45,737 units, while Hero MotoCorp witnessed a 8.5% drop in 73,685 units in October this year.
Sales of commercial vehicles jumped 24.82% to 87,147 units in October from 69,816 units last month.