Car sales registered seven straight month of growth in June, helped by the launch of new models and falling interest rate on auto loans.Credit at lower interest rates and hefty monsoon discounts helped Indian car and two-wheeler makers post healthy growth.
The country’s largest car maker Maruti Suzuki reported a 22.63 per cent jump in its June sales at 75,109 units. Maruti Suzuki India, majority-owned by Japan’s Suzuki Motor, announced Wednesday record exports in June, led by improved demand across European markets. Maruti Suzuki is committed to offer world-class products in the Indian market which is proven by our sales growth month-on-month.
Korean car brand Hyundai Motor India (HMIL), the country’s second-largest car maker reported a total sales of 47,267 units, a growth of 17.63 per cent during June. Hyundai Motors managed to better their overall sales last month, thanks to a major boost from the export markets of Europe, where a majority of customers have started preferring smaller and more fuel-efficient cars.Exports of the company went up by 32.5 per cent to 24,251 units as against 18,301 units during the two comparable months.
Tata Motors posted flat sales at 17,039 cars in the month compared with 17,017 units sold in June last year. The bulk of its sales came from flagship model Indica hatchback, which saw 19% higher sales at 10,210 units. Sales of the Indigo sedan declined 26% to 3,522 units in the month. Utility vehicle Sumo and Safari declined 11% to 3,307 units last month.
Mahindra and Mahindra’s (M&M ) domestic sales jumped 24% to 22,526 units in June. Honda Siel Cars recorded a 6.5% increase in sales to 5,039 units on the back of the 2,032 dispatches of its newly launched Jazz hatchback to dealers.
The two-wheeler segment also remained buoyant with the world’s largest two-wheeler maker by volumes Hero Honda posting a 24% jump in sales to 3.65 lakh units in June over the same month last year. For the company, the big push came from the rural market.
TVS Motor Co. Ltd., the third-largest two-wheeler maker by sales, posted a 5.9% rise in total sales in June to 115,448 units as domestic sales rose.Local sales gained 12% to 105,361 units, but exports slid 33% to 10,087 units.
TVS’ scooter sales increased 21% in June to 25,945 units, while motorcycle sales rose 10% to 46,048 units.In a statement, TVS said the introduction of two new motorcycles in June – the 180-cubic centimeter Apache RTR and 125cc Flame – are expected to further lift sales in the coming months.
Analysts tracking the auto industry are bullish on the prospects. The market will be impacted by the decisions in the general Budget as well as the monsoons. The market could be buoyant with banks increasing their funding, especially for the two-wheeler segment
