Auto sales up 31% in Dec, slowdown ahead: SIAM

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Automobile sales in India in December grew by 30.51 per cent, continuing a healthy trend witnessed during the year but rising interest rates and high commodity prices could slow down the growth, according to the Society of Indian Automobile Manufacturers (SIAM).
In December, total sale of vehicles across categories registered growth of 30.51 per cent to 13,05,872 units in December 2010, as against 10,00,562 units in the same month of 2009. The industry has been growing at around 30 per cent in the ongoing fiscal.

Releasing the latest sales data, SIAM President Pawan Goenka said in the last three months, interest rates have increased rapidly and is a cause for concern.

“We are seeing interest rates as high as 14.5 per cent on passenger vehicles and up to 18 per cent on commercial vehicles. There are indications that in the next six months it is going to increase and therefore it is a worry,” Goenka said.

Asked what kind of growth the industry was expecting in the prevailing circumstances, he declined to forecast a figure but said the existing growth level of around 30 per cent will be difficult to maintain.

He, however, said considering the growth the sector has seen in the past one decade, “Around 12-13 per cent growth is what one would be happy but 15-16 per cent over a period of five-year horizon could be possible”.

As per SIAM data, the Indian auto sector has witnessed volumes increase to 14.8 million units in 2010 from 4.7 million units in 2000 with domestic revenues increasing to $34 billion from $8.5 billion during the period.

During December 2010, domestic passenger car sales jumped by 28.91 per cent to 1,48,681 units in December 2010, compared to 1,15,337 units in the same month a year ago.

The country’s largest carmaker, Maruti Suzuki India, posted sales of 75,652 units, up 20.74 per cent from 62,653 units same month last year, SIAM said.

Hyundai Motor India had sold 26,066 units, up 17.14 per cent from December 2009 while Tata Motors’ sales increased by 30.87 per cent to 16,941 units.

According to SIAM, total two-wheeler sales in December 2010 increased by 31.1 per cent to 10,06,545 units from 7,67,789 units in the same period of previous year.

Motorcycle sales in the country during the month grew by motorcycle sales in the country during December 2010 grew by 27.13 per cent to 7,53,358 units from 5,92,589 units in the same month previous year.

Market leader Hero Honda witnessed a growth of 28.62 per cent at 4,52,701 units, as compared to the same month a year ago, SIAM said.

Rival Bajaj Auto gained at 1,65,470 units, up 13.13 per cent from the corresponding month previous year. TVS Motor Co had a sales of 44,598 units, up 30.62 per cent from the same month a year go year.

Honda Motorcycle & Scooter India (HMSI) saw its bike sales going up by 33.76 per cent to 53,821 units as compared to the same month previous year.

On the scooters front, sales grew by 47.65 per cent to 188,391 units in December 2010. The growth was led by HMSI, with sales of 76,307 units as against 70,048 units in the same month previous year.

TVS Motor’s scooter sales were at 39,963 units, a rise of 92.73 per cent, while that of Hero Honda were at 36,188 units, an increase of 2.25 fold from December 2009.

Total sales of commercial vehicles during the month jumped by 27.3 per cent to 61,880 units from 48,611 units in the year-ago period, SIAM said.

Light commercial vehicle sales rose by 36.36 per cent in December 2010 to 33,512 units. Medium and heavy commercial vehicle sales was up 18.03 per cent at 28,368 units during the month.

Three-wheeler sales during December 2010 were up 25.05 per cent to 43,762 units compared to 34,996 units in the year ago period, SIAM added.

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This post was submitted by Mudit Agrawal.

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