Auto makers in India posted their highest-ever monthly car sales in the local market in January with a 32% rise from a year earlier as an economic recovery, availability of low-cost loans and introduction of new models encouraged more people to buy new vehicles.
Sales in the past month rose to 145,905 cars from 110,300 a year earlier, data issued Tuesday by the Society of Indian Automobile Manufacturers showed. The previous highest--129,358 cars--was in March 2009.
The growth in January follows a 40% rise in December and a 61% increase in November, which was the fastest pace since February 2004. The comparisons, however, were benefited because of a lower base as sales a year earlier were hit by higher borrowing costs and the economic slowdown.
Sales started recovering in February last year after a series of stimulus steps, such as lower factory tax, by the federal government and a reduction in loan rates. The growth gained further pace with the economy too started showing signs of a revival.
"Most of the financial institutions, which had stopped lending to the sector in late 2008, started financing for new vehicle purchases again during 2009," said Dilip Chenoy, the society's director general.
"There is pent-up demand as well which is helping sales," he said. "A few customers were reluctant to buy new vehicles in 2009, and (they) are now returning to showrooms."
Local sales at Maruti Suzuki India Ltd., the nation's biggest car maker by sales and a unit of Suzuki Motor Corp., rose 19% in January to 70,029 cars, while those at the local unit of Hyundai Motor Co. climbed 41% to 29,601 cars. Car sales at Tata Motors Ltd., maker of the Nano minicar and Manza sedan, increased 47% to 22,707 cars.
Expectations that the government may raise taxes in the federal budget for the next fiscal year starting April 1 and a likely rise in vehicle prices due to implementation of new emission rules have led to advance buying of vehicles in India, analysts said.
Auto makers have already raised prices citing higher raw-material prices, Sandeep Patil, an analyst at Kisan Ratilal Choksey Shares & Securities Pvt. Ltd., said in a recent note. They are expected to raise the prices again because of expenses on meeting new emission rules, he added.
The government is adopting new emission rules that are equivalent to the Euro-IV standards in 13 of India's biggest cities by April 1. Auto makers are required to invest in upgrading their vehicles to comply with the rules.
Truck, Bus, Motorcycle Sales Rise
Local truck and bus sales grew more than twofold in January to 53,447 vehicles from 23,154 a year earlier, boosted by strong performances by manufacturers such as market leader Tata Motors, second-ranked Ashok Leyland Ltd. and Mahindra & Mahindra Ltd.
Truck and bus sales at Tata Motors more than doubled in January to 31,121 vehicles, while those of Ashok Leyland grew more than three-fold to 7,460 vehicles.
In the motorcycle segment, sales rose 44% to 650,633 units as all the companies, including Hero Honda Motors Ltd., Bajaj Auto Ltd. and TVS Motor Co., posted gains.
Scooter sales rose 45% to 139,016 units, with Hero Honda Motors, Honda Motorcycle and Scooter India and Suzuki Motorcycle reporting higher numbers.
(Source: irco.biz)
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