Automobile industry drives itself to profit as sales of passenger vehicles improved this September on a year-to-year basis
Bengaluru: In a positive sign, the sales of passenger vehicles has increased in September this year (Year on year).
As reported by Hindu Business Line, sales increased by 26%. The sales went up to 2,72,027 units in September as compared to 2,15,124 last year.
According to the Society of Indian Automobile Manufacturers’ (SIAM) latest data, the wholesale sales of passenger cars grew by 29 per cent y-o-y to 1,63,981 units during the month as against 1,27,194 units in September last year, the website noted.
Two-wheeler sales: It increased by more than 11 per cent to 18,49,546 units as against 16,56,658 units in the same month last year.
Motorcycle sales: Up by 17 per cent at 12,24,117 units as against 10,43,621 units.
Scooter sales: Up marginally at 5,56,205 units from 5,55,754 units in corresponding month last year.
“The Indian automotive industry is working hard amidst this tough Covid-19 situation to increase production and sales, while ensuring the safety of customers and employees across the whole value chain,” the website quoted Kenichi Ayukawa, President, as saying.
It is interesting to note that PV sales increased by 17 per cent to 7,26,232 units from 6,20,620 units in the July-September period last year (quarterly basis).
The website also quoted Kenichi thanking the Indian government for slashing interests on auto loans.
He said, “Thanks to government intervention, auto loan interest rates are below 8 per cent, the lowest in a decade and that should encourage customers to purchase new vehicles.”
All thanks to the pandemic, as a consequence of which India had to lock down for a long time, its economy has been terribly affected. There was absolutely no business, bringing everything to a screeching halt.
As the lockdown has been lifted in phases, green shoots of its recovery are being seen. Automobile industry too is slowly but surely driving itself to greener pastures.
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Last Updated 17, Oct 2020, 4:46 PM