Passenger vehicle sales in India dropped for the third consecutive month in September mostly due to the combined effect of high, soaring domestic fuel prices and rising insurance costs. Domestic Automakers dispatched 292,658 units of cars, utility vehicles and vans in the past month, recording a 5.61% fall from a year earlier, show data from the Society of Indian Automobile Manufacturers (SIAM). For the quarter through September, sales declined 3.6%. However, the domestic car sales grew by 6.8% to 11,69,497 units in April-September period of the current fiscal as compared with 10,95,077 units in the same period of 2017-18 fiscal.
The overall Commercial Vehicles segment registered a growth of 37.82% in April-September 2018 as compared to the same period last year. Medium & Heavy Commercial Vehicles (M&HCVs) increased by 47.88% and Light Commercial Vehicles grew by 32.05% in April-September 2018 over the same period last year.
Three Wheelers sales increased by 36.50% in April-September 2018 over the same period last year. Within the Three Wheelers, Passenger Carrier sales registered a growth of 42.26% and Goods Carrier grew by 14.72% in April-September 2018 over April-September 2017.
Two Wheelers sales registered a growth at 10.07% in April-September 2018 over April-September 2017. Within the Two Wheelers segment, Scooters, Motorcycles and Mopeds grew by 4.91 percent, 13.18% and 5.75% respectively in April-September 2018 over April-September 2017.
The industry produced a total 16,646,445 vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycle in April-September 2018 as against 14,690,347 in April-September 2017, registering a growth of 13.32% over the same period last year.
In April-September 2018, overall automobile exports grew by 24.34%. While Passenger Vehicles exports declined by (-) 2.96 percent, Commercial Vehicles, Three Wheelers and Two Wheelers registered a growth of 30.68%, 62% and 26.31% respectively in April-September 2018 over the same period last year.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)