Despite several speed breakers in FY17, car sales end on a positive note
Car companies post a growth in sales in FY17.
Many car companies in the month of March saw a healthy growth in sales. Car companies ended the financial year FY17 on a positive note despite the many hiccups such as ban on diesel vehicles, demonetisation and more recently the Bharat Stage III vehicle ban.
India's largest car maker Maruti Suzuki posted an 8.1% growth in sales in March as it sold 1,39,763 units as against 1,29,345 vehicles in the same month last year. The company's domestic sales increased 7.7% during the month to 1,27,999 units as against 1,18,895 units in March 2016. For 2016-17 fiscal, the company posted a 9.8% jump in total sales at 15,68,603 units, against 14,29,248 vehicles in 2015-16.
It turned out to be Maruti Suzuki's best ever year in term of sales. Its domestic sales rose 10.7% at 14,44,541 units during the last fiscal as compared to 13,05,351 during the 2015-16 financial year.
Indian car maker Tata Motors too reported an 8% increase in total sales in March as it sold 57,145 units as compared to 53,057 units in the same month last year. Sales of passenger vehicles in the domestic market grew 84% to 15,433 units last month on the back of robust sales of hatchback Tiago. Tata Motors' cumulative sales for FY17 rose by 6% as it stood at 5,42,561 units over 5,11,705 vehicles sold in 2015-16.
Honda Cars India Ltd (HCIL) reported an 8.7% increase in domestic sales at 18,950 units in March. The company had sold 17,430 units in the same month last year. The company also sold 3,833 units of its newly launched compact sports utility vehicle (SUV) WR-V.
Ford India reported a 17.14% increase in total sales at 24,832 units in March this year. The company had sold 21,198 vehicles in the corresponding month last year. Domestic sales grew by 15% to 8,700 units last month as against 7,560 units in the same period a year ago.
In the first quarter of 2017, total sales were at 63,117 vehicles compared to 51,338 units in the first quarter last year, up 22.94%, Ford India said.
Nissan Motor India reported 21% rise in sales in March at 5,309 units while also posting its its highest-ever annual sales in fiscal year 2016-17. For the fiscal ended March 31, 2017, the company said it sold 57,315 units as against 39,393 units in the preceding financial year, up 45%.
Nissan India Operations President Guillaume Sicard said, "We are delighted by the progress and the acceptance of our products and services by our customers."
Sicard said looking ahead, in the medium-term Nissan India plans to launch right new products in India by 2021 with an aim to achieve 5% market share in India.
Renault India registers sales of 1,35,123 units in the financial year (April 2016-March 2017) as against 71,732 units in the last fiscal (April 2015-March 2016), posting a growth of 88.4%. The cumulative sales figure for the period (Jan-Mar 2017) stands at 32,177 units as against 29,289 units in the corresponding period last year, thereby registering a growth of 10%, said the company in a release.
(With inputs from PTI)