Passenger car sales remain slow, may miss full year target
After setting a scorching pace of 30% year-on-year growth in 2010-11 (April-March), auto sales, especially those of passenger cars, were expected to slow this year as loans became expensive, vehicle prices rose and fuel prices soared. However, what was expected to be a slow growth seems to have turned into de-growth.
September 08, 2011 / 16:14 IST
Moneycontrol Bureau
After setting a scorching pace of 30% year-on-year growth in 2010-11 (April-March), auto sales, especially those of passenger cars, were expected to slow this year as loans became expensive, vehicle prices rose and fuel prices soared. However, what was expected to be a slow growth seems to have turned into de-growth.Auto body SIAM (Society of Indian Auto Manufacturers) in July lowered its sales growth forecast for 2011-12 (April-March) to 11-13% from 12-15%. Although commercial vehicle and two-wheeler sales had maintained a good pace, it was the passenger car sales that were a concern. SIAM cut its passenger car sales forecast sharply to 10-12% from 16-18%.But if one is to go by the sales trends so far this year, then experts say passenger car sales could barely touch high single digits.Maruti Suzuki, India
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
