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February Auto Sales On All Time High
The volume of the previous month, January, was 1.84 lakh units. The relief came from the budget on the existing excise duty of 10-22% for various range of cars as there had been talk of rise in this excise duty by 2%. There was no rise in the price of cars despite the global increase in prices of steel, rubber and other components. SIAM"s Director General said with the easy finance availability, the customers can opt for more benefits which may recall the situation of 2010 growth rate.
Of the Indian car makers, Maruti Suzuki posted 19.8% growth on year-on-year growth with the auto sales of 101543 units in February. The company"s senior official said the company could not meet the demand from the market with required capacity in production. The models which brought such demand include Alto and WagonR. The second largest maker Hyundai saw a rise of 5.3% whereas Tata Motors secured a rise of 14% in February.
In the two wheeler segment, the growth rate was by 22% with a record volume of 10.22 lakh units.
The impressive performance from the market leader Hero Honda-24% - contributed much in this regard with the sale of 4.62 lakh units in February. There was a growth of 11% in truck and buses segment in the same month with the sale of 64057 units contributed by Ashok Leyland, Eicher Motors and Tata Motors. The net auto sales in the Indian domestic market rise by 26-27% on year-on-year growth which was more than projected by SIAM- 18%. Yet, there has been hiccups in the strong growth due to the rise in interest rates on auto loans, ever rising prices of global commodities like crude oil hitting the auto sales volume considerably.
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