Auto Sales Picked Up Pace Since April, Says Industry Body SIAM
SIAM data shows that Indian automobile industry is outperforming post GST transition.
The April-August period was rewarding for the Indian automobile industry, which saw an increase in sales numbers and stock replenishment after demonetisation and the rollout of the Goods and Services Tax.
The industry registered a 13.67 percent growth in passenger vehicles in August compared to the same month last year, according to data released by industry body Society of Indian Automobile Manufacturers. Car sales were up 11.8 percent last month.
Passenger vehicle sales in the last five months rose 8.7 percent on a year-on-year basis. Strong sales numbers are expected between October and March 2018 as disposable income is likely to go up in rural areas after the monsoon, said SIAM.
In the commercial vehicles segment, medium and heavy commercial vehicles sales outperformed others in August after posting negative to lukewarm sales in the preceding four months.
M&HCV August sales surged 28.4 percent year-on-year. The growth in July was 6.7 percent over the same month a year ago.
Total vehicle exports in August grew 7.2 percent over the year-ago period to 3.33 lakh units, with numbers declining for all segments barring two-wheelers and three-wheelers, it said.
Last month, three-wheeler exports climbed up 17.7 percent, while two-wheelers exports grew 20 percent from same month last year.