Car Auto Online | indian car sales june 2011, india automobile - Automobile Sales Lose Momentum: NEW DELHI – A culmination of rising interest rates and higher cost of fuel led to a slowdown in demand for automobile for a second straight month in May as bearish sentiments and higher loan installments forced consumers to defer purchases. Automobile sales growth year-on-year in May was roughly 5%, compared with a blockbuster 35% a year ago.
At the heart of this slowdown are the big three of the Indian automobile industry — Maruti, Hyundai and Tata — who suffered in varying intensities. While the absolute number of buyers was still higher, the influx of new buyers was markedly lower than what it was last year in May. Barring Skoda, every company saw its sales growth rate come down from the one achieved last year.
Hyundai fared the best among the three with an over 14% growth that compares favourably with its 15.5% growth in May last year. But its growth last month was largely due to the launch of its new mid size sedan Verna, that has already clocked over 12,000 bookings.
Maruti managed to stay affloat with a near 4% growth, a sharp climb down from the 27% growth in the previous year. Tata Motors suffered the most with sales declining by 9% including that of Nano whose sales came down from the over 10,000 units it had sold in April to 6,515 units last month.
Source: Thelinkpaper
Source: Thelinkpaper
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