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Low oil prices fuel car sales
Automakers in India including the country’s largest carmaker Maruti Suzuki reported robust domestic sales growth during February owing to lower fuel prices.
Maruti Suzuki, Hyundai, Honda post robust sales in Feb
Hyderabad: Automakers in India including the country’s largest carmaker Maruti Suzuki reported robust domestic sales growth during February owing to lower fuel prices. The fiscal-year- end demand and onset of marriage season also contributed to the sales growth.
Maruti Suzuki sold 1,07,892 units in Indian market, a growth of 8.2 per cent from 99,758 units in February 2014. Its total sales including exports record higher growth 8.7 per cent to 1,18,551 units during the month as against 1,09,104 units in the same period of last year.
Sales of mini segment cars, including Alto and WagonR, rose 7.1 per cent to 39,988 units as compared to 37,342 units in the year-ago month. However, the sales of compact segment cars, comprising Swift, Estilo, Ritz and Dzire, declined by 6.4 per cent to 42,778 units in February this year as against 45,721 units in same period last year. The sales of mid-sized sedan Ciaz, which was launched in October 2014, stood at 5,410 units. The company had sold 228 units of SX4 sedan in February 2014.
Its nearest competitor Hyundai Motor India Ltd (HMIL) registered 9.7 per cent increase in domestic sales to 37,305 units last month as compared to 34,005 units in February 2014. However, its total sales including exports went up 2.4 per cent to 47,612 units last month. The Korean carmaker sold 46,505 units in the same month a year ago.
"The growth in additional and repeat buyers is higher than that of first time buyers. Reduction in interest rates could bring in the thrust to break the threshold of low growth and initiate double digit growth,” said Rakesh Srivastava, Senior Vice-President (Sales and Marketing), HMIL.
Japanese carmaker Honda Cars India saw a 16 per cent jump in its domestic sales at 16,902 units in February.The company sold 14,543 units in February last year. Last month, the company sold 1,397 units of small car Brio, 7,163 compact sedan Amaze, 1,697 Mobilio and 6,505 mid-sized sedan City.
