New Car Sales Crossed 11 lakh units in January

Indian Automobile Industry today announced that it has registered highest-ever sales figures in the month of January to 11 lakh units. According to market analysts major factors behind this huge sales growth was easily available retail finance and low interest rates for new cars as well used cars.

The Automobile industry registered a huge growth in domestic market by selling 11,14,157 units in the period of  January 2010 as compared to 7,68,698 units in the same period of last year which accounts for a increase of 44.94 percent, as reported by Society of Indian Automobile Manufacturers (SIAM).

Dilip Chenoy, Director General Dilip of SIAM, said in a statement given to the reporters that the January sales are the highest ever sales achieved by the Indian auto industry due to the good economics growth, reduced interest rates and easy money supply. Before this the industry registered highest sales growth in October, 2006 with sale of 10,17,198 units.

Where the Maruti Suzuki India registered a growth of 18.57 per cent to 70,029 units in January this year as compare to 59,060 units in the same period of last year. On the other hand the second largest car maker Hyundai registered a growth of 40.86 per cent growth to 29,601 units as compared to 21,015 units in the same period last year. Besides this Tata Motors registered sales jump of 47.39 per cent to to 22,707 units from 15,406 units in January 2009.

Many new car models are expected to be launched in  India in coming months including Ford Figo, Toyota Etios, Tata Aria and Volkswagen Polo.

Besides this Passenger car segment also received high sales increase of 32.28 per cent to 1,45,905 units last month compare to 1,10,300 units same period last year.

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