Society of Indian Automobile Manufacturers (SIAM) today announced that the overall automobile sales across all segments have registered a growth of 14.49 percent in the domestic segment. The month August 2017 saw total sales of 2,302,158 units across all segments as against 2,010,802 units in August 2016. All segments including passenger vehicles, commercial vehicles, three wheelers and two-wheeler space have reported a robust growth.
Within passenger vehicle segment both passenger cars and utility vehicles have continued to grow at 11.80 percent and 19.62 percent in a domestic market. The industry sold a total of 198,811 cars and 78,664 units of SUVs. Total passenger vehicles (cars,SUVs, vans) stood at 294,335 units in August 2017 as against 258,737 units sold in the same month last year. It was a good month for Indian commercial vehicle manufacturers as both M&HCV and LCV space grew by 28.43% and 23.22% respectively. Overall the segment saw total sales of 65,310 units last month as against 53,001 units in August 2016 growing by 23.22%.
In the two-wheeler space, a total number of motorcycles sold last month stood at 1,135,699 units 12.93 percent more than in August 2016. Scooter sales increased by 18.61% by selling 673,444 units.
Global markets depend a lot on their internal economy and many have an unstable growth and demand that has resulted in decline in exports in passenger cars and commercial vehicle space. Exports of passenger cars declined by 24.74 percent. The car makers exported a total of 56,754 units last month. Commercial vehicles exports stood at 7,292 units declining by almost 28 percent. Two-wheeler exports backed by heavy growth in the scooter space increased its exports by 19.83 percent as the industry exported 236,505 units last month as against 197,361 units exported in August 2016.
The industry representing body SIAM also expressed relief that the GST Council has not implemented the entire cess of 25% on larger and luxury cars. It also hopes that these new cess rates will now remain stable and not be increased frequently. The council headed by Finance Minister Arun Jaitley has also recognised the need to encourage hybrid vehicles and has created a different taxation on hybrid cars which was one of the requests by the industry body.