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206229
Fri, 09/09/2011 - 13:15
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Domestic passenger car sales down 10.08 pc in August
New Delhi, Sep 9 (PTI) Growth in Indian passenger car
sales declined for the second consecutive month in August,
with the automobile industry registered a 10.08 per cent dip
in purchases on account of high interest rates and production
cuts by the country's biggest car-maker Maruti Suzuki India.
According to figures released by the Society of Indian
Automobile Manufacturers (SIAM) on Friday, domestic passenger
car sales stood 144,516 units in August, 2011, as against
160,713 units in the same month last year.
"High interest rates continued to be a big problem for
the industry and it is impacting the cost of finance for both
companies and customers," SIAM Director General Vishnu Mathur
told reporters here.
He said, however, with the onset of the festive season
and the good monsoon this year, the industry is hoping that
there will be a turnaround in car sales growth.
During August this year, Maruti's sales declined by 19.21
per cent to 63,296 units from 78,351 units in the same month
last year.
The company has been facing labour issues at its Manesar
plant, where production has been impacted.
Similarly, rival Hyundai Motors posted a 7.51 per cent
decline in sales to 26,451 units in August this year from
28,601 units in the same period last year.
Tata Motors also reported a 39.45 per cent decline in
sales to 13,508 units in August this year from 22,312 units in
the same period last year.
Domestic passenger car sales had fallen for the first
time after 30 months of continuous growth in July, registering
a 15.76 per cent decline to 1,33,747 units, mainly due to
hikes in lending rates and lower production by market leader
Maruti Suzuki during the month.
Mathur said that sales in September and October will be
crucial in determining how much growth the industry will
achieve this fiscal.
According to figures released by SIAM, motorcycle sales
grew by 15.43 per cent during the month to 839,772 units from
727,542 units in the corresponding month last year.
Market leader Hero MotoCorp posted a 19.56 per cent rise
in sales to 462,196 units in August this year from 386,574
units in the same period last year. MORE PTI RKL
MNS
sales declined for the second consecutive month in August,
with the automobile industry registered a 10.08 per cent dip
in purchases on account of high interest rates and production
cuts by the country's biggest car-maker Maruti Suzuki India.
According to figures released by the Society of Indian
Automobile Manufacturers (SIAM) on Friday, domestic passenger
car sales stood 144,516 units in August, 2011, as against
160,713 units in the same month last year.
"High interest rates continued to be a big problem for
the industry and it is impacting the cost of finance for both
companies and customers," SIAM Director General Vishnu Mathur
told reporters here.
He said, however, with the onset of the festive season
and the good monsoon this year, the industry is hoping that
there will be a turnaround in car sales growth.
During August this year, Maruti's sales declined by 19.21
per cent to 63,296 units from 78,351 units in the same month
last year.
The company has been facing labour issues at its Manesar
plant, where production has been impacted.
Similarly, rival Hyundai Motors posted a 7.51 per cent
decline in sales to 26,451 units in August this year from
28,601 units in the same period last year.
Tata Motors also reported a 39.45 per cent decline in
sales to 13,508 units in August this year from 22,312 units in
the same period last year.
Domestic passenger car sales had fallen for the first
time after 30 months of continuous growth in July, registering
a 15.76 per cent decline to 1,33,747 units, mainly due to
hikes in lending rates and lower production by market leader
Maruti Suzuki during the month.
Mathur said that sales in September and October will be
crucial in determining how much growth the industry will
achieve this fiscal.
According to figures released by SIAM, motorcycle sales
grew by 15.43 per cent during the month to 839,772 units from
727,542 units in the corresponding month last year.
Market leader Hero MotoCorp posted a 19.56 per cent rise
in sales to 462,196 units in August this year from 386,574
units in the same period last year. MORE PTI RKL
MNS
