It is completely festive mood in India and auto companies are rejoicing after months of tough times. Domestic car sales grew by 21 percent in September at 1.29 lakh units as against 1.07 lakh units in the same month last year, figures released by the Society of Indian Automobile Manufacturers (Siam) said. In the first half of the financial year, local car sales have increased 14.8% to 689,339 vehicles. In August, car sales were up 26%, while July saw a 31% jump.
Government relaxations in duties and tax reforms have also helped automobile manufacturers and auto customer to rejoice equivocally. Banks and financial institutions have also been offering lower interest rates which have further added to the joy.
It is to be mentioned that out of the total units clocked, Hyundai India and Maruti Suzuki accounted for a major chunk due to the scrappage schemes announced in Europe. While Maruti’s sales in the overseas markets shot up by two times at 65,752 units from 29,699 units in the year-ago period, Hyundai Motor India posted a 16.02 per cent jump in exports at 1,39,971 units, vis-à-vis 1,20,648 units in the same period last year.
The overall vehicle exports from India shot up by 4.41 per cent during the first half of this financial year at 808,455 units as compared to 774,302 units during the same period of last fiscal.
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