Car sales in
Motorcycle sales, however, continued to remain in the negative
territory with sales in September declining 2.87 per cent as compared to same
period a year ago, according to a data released by Society of Indian Automobile
Manufacturers.
In September, domestic car sales stood at 1,69,590 units as
against 1,54,898 units in the same month last year.
"Companies like Maruti Suzuki, Hyundai and Honda have been
doing good due to new product launches, which is driving growth in the
passenger car segment,"
Softening interest rates and comparatively cheaper fuel have
also helped the growth in the passenger car segment, he added.
As per SIAM estimates, at present, interest rates on car loans
are hovering between 10.8 per cent and 14.3 per cent for various lenders,
including public sector and private banks, as well as NBFCs.
Various car models like Honda's Jazz, Hyundai's Creta, and
Maruti Suzuki's S-Cross have received a good response from customers in the
domestic market during the month.
Commenting on the outlook for remaining 2015-16 fiscal, Sen
said that passenger car and utility segments are expected to grow marginally.
"Motorcycle is expected to remain flat, scooters
segment would also slow down a bit. In commercial vehicle segment, M&HCV
segment would grow in double digits while light commercial vehicle segment
would continue to be in negative territory," he added.
Sen said withdrawal of export incentives, high vehicle interest
rates, and inclusion of certain items in the anti-dumping list, mostly
concerning components, are some of the challenges facing the auto industry.
During the month, market leader Maruti Suzuki
Rival Hyundai Motor India saw its car sales increase marginally
to 35,193 units as against 34,906 units in the year-ago month.
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