Slowdown, inflationary pressures affect automobile sales
New Delhi/Chennai: High interest rates and rising fuel prices resulted in lower sales for India's auto industry in February. Passenger car major Maruti Suzuki logged 7.9 percent lower sales in February as compared to the corresponding month of 2012. The company sold 109,567 units last month from 118,949 units in February 2012. The domestic sales of the passenger car major fell by nine percent at 97,955 units from an off take of 107,653 units.
However, exports grew by 2.8 percent at 11,612 units from 11,296 units shipped out in February, 2012. Chennai-based automobile major Hyundai Motor reported a domestic sales of 34,002 units, down 7.6 percent from 36,805 units. However, Hyundai's exports increased by 37.2 percent which stood at 20,663 units from 15,050 units shipped out during the corresponding month of last year.
The total sales grew by 5.4 percent at 54,665 units from 51,855 units sold in February, 2012. "The market was suppressed as there was drop in enquiries with lower rates of conversions to purchase. The increase in fuel prices negatively impacted the already low market sentiments," Rakesh Srivastava, vice president, sales and marketing,t Hyundai Motor India said in a statement.
However, leading sports utility vehicle (SUV) manufacturer Mahindra and Mahindra reported a healthy 11 percent sales growth with 47,824 units. Sales were 43,087 units in the corresponding period last year. According to the company, domestic sales increased by 10 percent and stood at 44,399 units from 40,461 units.
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