Car sales in India register a 33 % jump in Aug 2010

The car sales in the Indian market soared to new heights by registering a 33 percent increase in the month of August 2010, as per the data released by auto industry body SIAM (Society of India Automobile Manufacturers) on Thursday. The launch of new cars in the volume driving segment of the country and easy availability of the car loans kept the momentum alive through out the month. However, the growth of the Indian automobile industry during August was comparatively much lower compared to its Chinese counterpart that registered a 59.3% jump in sales during the same period.

The industry sold a total of 7.53 lakh units during the April-August period, accounting for a 34% jump over the sales during the same period, the preceding year. The industry body has projected that the car sales will jump 12% to 17.14 lakh vehicles in FY 2011. According to a statement given by Vishnu Mathur, director general at SIAM The industry will overshoot to SIAM's estimates due to several factors such as easy financing and new car models. Other economic factors are also likely to influence the growth, he added.

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The industry body has projected a 9-10% growth for sales of two-wheeler in the current financial year along with projecting 7-8% jump in the sales of three wheelers. The growth in the sales of commercial vehicles has been projected as much as 17-18% during this fiscal.

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Maruti Suzuki remained the highest contributor in the total sales of the industry during the month of August by reporting a 32 percent increase in its sales at 92,647 cars during this month. On the other hand, largest vehicle maker of the country Tata Motors' sales jumped 40% to 30,312 units. Moreover, other carmakers such as Ford India and Volkswagen, who launched new products in the small car segment, reported a significant increase in sales.The high growth and high demand momentum through which the industry is going since the starting of this year, is expected to continue in the remaining months of this year as the festive season is round the corner.