New Delhi : Riding on positive sentiment over formation of a stable government and speculative purchases over fear of price hike due to uncertainty on the continuation of excise duty reduction, car sales
in India jumped 14.76%
in June, reports PTI.
According to the data released by the Society of Indian Automobile Manufacturers (SIAM), domestic passenger car sales stood at 1,60,232 units last month compared to 1,39,624 units in June 2013.
“Factors like speculative sales and positive sentiments created by formation of stable government and extension of excise duty reduction have helped the passenger car sales post double digit growth in June after ten months,” SIAM President Vikram Kirloskar told reporters here.
Sales of commercial vehicles were down 9.03 per cent to 51,119 units in June.
In June, market leader Maruti Suzuki India posted 32.3% increase in its domestic sales at 86,223 units as against 65,172 units in the same month last year. Rival Hyundai Motor India Ltd (HMIL) posted a growth of 8.76 per cent at 33,258 units. Homegrown Tata Motors saw car sales slump by 38.37 per cent to 5,933 units. When asked if the recovery in the auto sector could be impacted by a deficient monsoon, Kirloskar said: “It is still early to say anything as there is still time for monsoon season to end”.