Maruti Suzuki India Limited, the largest car maker in the Indian auto market, has said that it is expecting sales to revive in the month of September. The auto giant that is currently struggling with the slowdown in sales is expecting that the upcoming festive season will bring some relief for the car maker.
Last month, the company had revised its growth target to a single digit for the financial year 2011-12, decreasing it from the previous target of 10-12 per cent. The major factors behind this low growth expectation are the increased borrowing rates for auto loans and high fuel prices, both of which have kept buyers away from buying new cars.
In a recent statement, Maruti Suzuki India’s chief general manager, Shashank Srivastav, said, “The recovery in car sales is expected to begin in early September. Still, the turnaround will be slow, as we don’t think there will be a dip in interest rates. We had initially set a growth target of 10-12 per cent for 2011-12 but we expect only a single-digit growth this financial year.”
Maruti has recently launched its much awaited new generation version of Swift hatchback in the Indian market. The car is receiving a staggering response from the buyers in the country and about 50,000 units of the car have already been booked. The company expects to sell 17,000 units of this car per month in the Indian market, up from the previous expectations of 12,000 units per month.
