Car sales wrapped up yet another year of disappointment as the slowing economy, higher interest rates and rising fuel prices kept buyers away from showrooms and depressed demand.
According to 2013-14 numbers released by companies, sales remained in the red or near-flat and only those with new models could score in volumes. Maruti Suzuki, the country’s biggest carmaker, could realize a poor 0.3% growth in volumes, which stood at 10.5 lakh units against 10.5 lakh units in 2012-13. Hyundai, however, slipped into the red as its volumes stood at 3.8 lakh in 2013-14 against 3.83 lakh in the previous year.
A cut in excise duty in the vote-on-account in February had given some hope to the car industry, which expected price reductions would enthuse buyers. Some positive movement was witnessed in March sales, though not big enough to signal a strong recovery.
Industry body Society of Indian Automobile Manufacturers (Siam) said the situation is still not clear with relation to the demand.
Those with new models bucked the trend. Honda, that has introduced new models like the Amaze entry sedan and the next-generation City, saw sales going up 83%. Ford also rode high on the success of its mini SUV, Eco Sport and saw growth of 9%.
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