Auto sales get pushedAuto sales get a push from excise cut
Apnaloan.com Research Bureau
02 Apr 2008
The Budget bonanza of 4 per cent excise cut accelerated passenger car sales in March even as high interest rates and rising fuel prices continue to impact the automobile industry.
While all car makers reported high sales in March, the two big firms -Maruti Suzuki India (MSI) and Tata Motors - showed a marginal drop in sales.
MSI sales in March slumped to 64, 421 vehicles against 64,556 units in the same
month last year. The total sales for the month dipped 2.1% to 70,296 units as
against 71,772 units in the same month last year as exports nosedived 19 per cent to
5,875 units from 7,216 units last year.
Tata Motors is the other car maker to post a 4 per cent decline in sales at 24,737 units (25,760) in March. Its flagship model Indica recorded the steepest decline of 14.7 per cent at 13,042 units while the Indigo family increased 18 per cent to 5,135. Utility vehicles sales saw an improvement of 7.4 per cent to 6,560 units in March.
Hyundai Motor India (HMIL) notched up its highest-ever sales increase of 52.3 per cent since its inception and sold 29,401 units in March against 19,300 units last year. The company recorded an overall growth of 66.4 per cent in March with a total of 47,001 units.
Mahindra and Mahindra's (M&M) sales, too, paced up 16.6 per cent to 23,128 units
against 19,841 units last year. Its total sales for the fiscal increased 29.8 per cent
at 2,31,355 units (1,78,201).
General Motors India also posted the highest-ever monthly sales in its decade-long operations in India. It grew 51 per cent to 6,836 units in March against 4,542 units last year. Its annual sales rose 71 per cent to 66, 543 units (38,857) in 2008.
Sales of Honda Siel Cars grew 5 per cent to 8,895 units in March from 8,487 units last year. The company will soon launch the country's first hybrid car technology in its popular Sedan Civic and the eighth generation Honda Accord.
Toyota Kirloskar Motor (TKM) posted a 15 per cent rise in its sales at 6,215 units of Innova in March against 5,411 in the same month last year.