Financial Daily from THE HINDU group of publications
Saturday, Sep 14, 2002
Financial Daily from THE HINDU group of publications Saturday, Sep 14, 2002 |
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Industry & Economy
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Cars Cars sales up 14.7% in Aug Our Bureau
NEW DELHI, Sept. 13 BUOYED by heavy discounts and attractive loan schemes, passenger car sales increased by 14.7 per cent in August to 49,844 units from 43,457 units in the same month last year. The growth has been mainly on account of increasing sales of automobile companies such as Hyundai Motors, Fiat India, and Tata Engineering. The market leader, Maruti Udyog's sales were up by about three per cent to 25,871 units mainly on account of the recent price reduction and discounts offered by the company on its models. Cars sales for the April-August period this year rose to 208,041 units from 207,534 units in the same period last year, according to the data released by the Society of Indian Automobile Manufacturers (SIAM). Commercial vehicles maintained the growth in August with an increase of 21.3 per cent to 14,490 units from 11,942 units in the same month in 2001. Sales of commercial vehicles in April-August this year jumped to 66,832 units from 50,328 units in the same period last year, mainly on account of growth recorded by Tata Engineering and Ashok Leyland. Two-wheeler sales rose by 19.5 per cent to 389,698 units in August from 326,082 units in the same month last year. Motorcycles recorded the highest jump of 37.5 per cent in the segment to 288,935 units in August from 210,130 units in the same month a year ago. Companies such as TVS, Bajaj Auto, Hero Honda and LML saw healthy growth in the segment. Scooter and scooterette sales went down during August 2002, mainly due to a drop in sales of Bajaj Auto by 36.4 per cent and LML, which saw a drop in sales by 45.1 per cent. TVS, Honda Motorcycle, Scooter India and Kinetic Engineering saw an increase in sales in the declining segment. The utility-vehicle segment, meanwhile, declined marginally in August. The only player to see an increase in sales in the segment was Mahindra & Mahindra.
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