Domestic passenger car gross sales rose 17 per cent within the second quarter of present monetary 12 months, in comparison with the corresponding interval a 12 months in the past, trade physique SIAM or Society of Indian Automobile Manufacturers stated on Friday. The newest information provides analysts hope that the upcoming festive season will result in a restoration within the nation’s vehicle sector, battered by a stoop in demand because of the coronavirus pandemic as restrictions to curb its unfold stored customers from making massive purchases.
Here are 10 issues to know:
A complete of seven,26,232 passenger automobiles – together with passenger automobiles and utility automobiles – had been bought within the quarter ended September 30, 2020, as in opposition to 6,20,620 within the quarter ended September 30, 2019.
The information comes at a time when India has been the worst hit by the pandemic amongst main economies as new infections proceed to rise. Many economists have predicted the nation to endure its worst annual contraction in 4 many years, with a pickup anticipated solely within the March quarter.
Sales of passenger automobiles elevated 16 per cent within the July-September interval. A complete of 4,26,316 automobiles had been bought within the quarter, in comparison with 3,67,696 within the year-ago interval.
Sales of economic automobiles, nonetheless, declined 20 per cent to 1,33,524 items, the information confirmed.
“Some segments have shown signs of recovery… We are expecting good demand in the festive season starting tomorrow,” stated Kenichi Ayukawa, president, SIAM, commenting on the quarterly figures.
In the two-wheeler section, gross sales elevated marginally to 46,90,565 automobiles within the quarter, from 46,82,571 final 12 months.
“Thanks to government intervention, auto loan interest rates are below 8 per cent, the lowest in a decade and that should encourage customers to purchase new vehicles. Commercial vehicle and three-wheeler sales are still in the negative growth zone,” he stated.
Total manufacturing of passenger automobiles fell 2.74 per cent to eight,40,004 items, on the again of an 11.Three per cent drop within the passenger automobile section.
Exports plummeted 41.96 per cent to 1,11,555 passenger automobiles.
Last month, home gross sales went up 26.45 per cent to 2,72,027 passenger automobiles, from 2,15,124 in September 2019. Car gross sales elevated 29 per cent to 1,27,194 items within the month.