Passenger Vehicle Sales Rise 14% In November
Sale of passenger vehicles rose in November, after seeing a slump in the month before, benefited by a low base on account of demonetisation and a pick up in exports.
Automakers sold 14 percent more passenger vehicles at 2.8 lakh units during the month compared to a year ago, according to data released by the Society of Indian Automobile Manufacturers.
Total domestic sales rose 24 percent over the year to 19.4 lakh units. Moreover, the automakers’ society maintained its forecast of 8-10 percent growth in domestic sales in the coming financial year.
Sale of two wheelers jumped 23.5 percent to 1.5 lakh units, while that of commercial vehicles rose by half to 68,846 units. Sale of passenger cars rose 4.5 percent to 1.81 lakh units.
Within the two-wheeler section, sales of Bajaj Auto Ltd. Hero MotoCorp and Eicher Motors Ltd. grew between 22 percent and 27 percent on a year-on-years basis. TVS Motor Ltd.’s sales rose 12 percent.
In the commercial vehicle segment, Tata Motors’ commercial vehicle sales jumped 72 percent due to the low base effect. Ashok Leyland’s sales also rose 51 percent.
November was also a strong month for exports as the rise in sales of companies like TVS Motor, Eicher Motors and Escorts Ltd. was led by foreign sales.