Indian automobile industry records stellar rise in January

February, 10th 2011

New Delhi: Indian car and two-wheeler companies yesterday reported a stellar 19 per cent increase in sales figures for January, which stood at 13,22,979 units as compared to 11,14,692 units in the like period of last year.

The figures, which were released by the Society of Indian Automobile Manufacturers (Siam), point towards high growth in the automobile industry due to high disposable incomes of families and low-interest rates in a growing economy.

"These are very good growth figures, but somewhere the sales are showing signs of slowing down due to some factors like inflation and component supply bottlenecks," a Siam official told IANS.

According to him, sale of domestic passenger cars, including utility and mufti-utility vehicles, grew by 24.68 per cent and stood at 2,33,994 units as against 1,87,671 units in January, 2010.

However, the exports reported a dip of 14.69 per cent, totaling 32,942 units this year against 38,616 units in the corresponding period of 2010.

Source: gulfnews.com