Over 24 lakh new vehicles sold in October 2018: Car sales grow marginally - The Financial Express

Over 24 lakh new vehicles sold in October 2018: Car sales grow marginally

Vehicles sales in India goes up in October however, sales of cars and SUVs in India post very little growth. Exports from India also go up by over 24%.

By: | Published: November 9, 2018 2:15 PM

The festive month of October 2018 saw the sales of cars, bikes, trucks, buses and two-wheeler sales going up by 11.6% as the Indian automobile industry sold a total of 2,494,426 units last month as compared to 2,162,869 units sold in October 2017. The month of October saw the sales of cars, SUVs growing marginally by 1.55% with a total sales of 2,84,224 units as against 2,79,877 units sold in the same month last year. Indian two-wheeler industry is growing at 17.23% with over 20 lakh two-wheelers sold in the month of October. As per data released by Society of Indian Automobile Manufacturers (SIAM).

Vishnu Mathur, Director General, SIAM said, "The slow growth is mainly due to base effect besides other factors such as an increase in insurance, high fuel prices and decline in stock market impacting sentiments."

The sale of Passenger Vehicles (Cars, SUVs and Vans) in this ongoing financial year is up by 6.10% in April-October 2018 over the same period last year. Within the Passenger Vehicles, the sales of Passenger Cars, Utility Vehicle & Vans grew by 5.87% (1,354,897 units), 5.19% (546,833 units) and 12.96% (126,799 units) respectively in April-October 2018 over the same period last year. The overall Commercial Vehicles segment registered a growth of 35.68% in April-October 2018 as compared to the same period last year and registered a sales of 574,463 units. Sales of Medium & Heavy Commercial Vehicles increased by a whopping 42.80% with a total sales of over 221,627 units and Light Commercial Vehicles grew by 31.56% in April-October 2018 over the same period last year.

Two Wheelers sales registered a growth at 11.14% in April-October 2018 over April- October 2017 with a total sales of 13,628,823 units. Within the Two Wheelers segment, Scooters sales stood at 4,402,041 units, Motorcycles sales at 8,699,277 and Mopeds grew by 6.36% respectively in April-October 2018 over April-October 2017.

In April-October 2018, overall automobile exports grew by 24.10 percent. While Passenger Vehicles exports declined by (-) 3.28 percent, Commercial Vehicles, Three Wheelers and Two Wheelers registered a growth of 26.58 percent, 62.99 percent and 25.94 percent
respectively in April-October 2018 over the same period last year.

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