New Delhi : Car sales in India rose 9.48% in September — 11th consecutive month of growth, as the domestic auto industry continues to drive on the slow road to recovery riding on new launches and softening interest rates.
Motorcycle sales, however, continued to remain in the negative territory with sales falling 2.87% as compared to same period a year ago, according to a data released by Society of Indian Automobile Manufacturers. In September, domestic car sales stood at 1,69,590 units as against 1,54,898 units in the same month last year.
Various car models like Honda’s Jazz, Hyundai’s Creta, and Maruti Suzuki’s S-Cross have received a good response from customers in the domestic market during the month,” SIAM Deputy Director General Sugato Sen said. Softening interest rates and comparatively cheaper fuel have also helped the growth in the passenger car segment, he added.
As per SIAM estimates, at present, interest rates on car loans are hovering between 10.8 % and 14.3 % for various lenders, including public sector and private banks, as well as NBFCs.
On the outlook for remaining 2015-16 fiscal, Sen said that passenger car and utility segments are expected to grow marginally. Scooter sales continued to do well as the segment posted a growth of 6.54% during the month at 4,62,341 units.
