Car sales rose for the third month in a row, fuelling hopes of a recovery this fiscal after two consecutive years of downturn. Sales have rebounded on the back of discounts and positive sentiment after the formation of a stable government by a BJP-led alliance. Lower excise duty also aided the turnarond. According to July sales numbers released by industry body Society of Indian Automobile Manufacturers (Siam), car sales saw a 5% growth in volumes, led by top makers like Maruti, Hyundai and Honda. The minor turnaround in buyer sentiment has seen a rise in footfalls at showrooms. However, companies are still forced to offer attractive discounts to maintain the excitement. Overall, passenger vehicle sales rose 7% in July as car volumes were aided by healthy demand in the utility vehicle space. Models like Honda’s Mobilio and Ford’s Eco Sport witnessed good demand.
Sales of scooters continued to be strong as the segment recorded a 37% growth in July at 3.72 lakh units against 2.71 units in the same month last year. Companies like Honda Motorcycles and Scooter India and Hero MotoCorp have been witnessing good demand. Motorcycles sales grew a modest 6% at 8.6 lakh units against 8 lakh units in July last year.
Commercial vehicle sales continued to suffer from the slowdown blues as volumes were down 14% at 47,765 units in July against 55,310 units.
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