Car sales continue robust growth in August: SIAM
Car sales grew by 13.76% in August on the back of continued good growth in UV sales during the month.
- Total passenger vehicle sales posted a 13.76% growth as 2,94,335 units were sold in August
- This comes on the back of a 15% growth in car sales in July
- UV sales powered the growth during August like a month earlier
Car sales in India registered a robust 14% growth during the month of August. Total passenger vehicle sales rose 13.76%, at 2,94,335 units sold in August 2017 versus 2,58,737 units in the same month last year, according to the latest figures from the Society of Indian Automobile Manufacturers (SIAM).
This comes on the back of a 15% growth in car sales in July, which was powered by a huge growth in utility vehicle sales.
Passenger cars saw 11.8% growth with sales of 1,98,811 units in August 2017 in comparison with 1,77,829 units sold in the same month last year.
Utility vehicles (UV) sales, however, powered the growth during August like a month earlier. UV sales grew by 19.62% as it sold 78,664 units in August 2017 in comparison to 65,760 units in the same month last year.
Vans too posted a growth of 11.30% and sold 16,860 units in comparison with 15,148 units in the same month last year.
The biggest surprise was the large growth in sales of the medium and heavy commercial vehicle (MHCV). MHCV sales grew by 28.43% as it sold 26,376 units in August 2017 in comparison with 20,537 units in the same month last year.
This was led by a huge growth in the goods carrier segment as it registered a 42.40%, as it sold 23,407 units in August this year in comparison to 16,437 units in the corresponding month last year.
However, passenger carriers sales continued to struggle as it registered a 27.59% decline in sales during the year. Passenger carrier sales declined by 2,969 units in August 2017 in comparison with 4,100 units sold in the same month last year.
The light commercial vehicle (LCV) segment too saw a good growth in sales as it rose to 19.93% in August with sales growing to 35,613 units in August this year in comparison to 28,640 units last year.
Three-wheeler sales grew by 2.51% as its sales rose by 51,451 units in August 2017 in comparison with 50,193 units in August 2016.
Two-wheeler sales posted a good growth of 14.69% as total sales during the month increased to 18,91,062 units in comparison to 16,48,871 units in the same month last year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.