Auto recovery
Society of Indian Automobile Manufacturers (SIAM) report that total vehicles sales for August were up 24.3% on year previous. With festival season closing, SIAM is revising their yearly growth forecast of 3-5%, "August is a continuation of last month's figures. Now, we feel growth will be in high single digits of 8-9%," comments Sugato Sen, Senior Director at SIAM.
August 09 sales versus August 08
- Passenger vehicles - 152,100 (up 22.4%)
- Passenger cars - 120,669 (up 25.58%)
- Commercial vehicles - 40,624 (up 18.47%)
- Three wheelers - 39,201 (up 22.7%)
- Two wheelers - 776,777 (up 25.1%)
Stimulating the market
The industry is benefiting from increased consumer confidence in the economy. In addition, lower interest rates; newly launched models and greater penetration in rural markets have helped automakers turn around ailing businesses.
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