The Indian auto industry on Monday said its February sales have been the highest ever for a month breaking the earlier record, which was set only in January this year, as consumers rushed to beat a possible hike in prices following the Budget.
According to the Society of Indian Automobile Manufacturers (SIAM), the total sales in domestic market stood at 11,29,783 units, up 34.98 per cent over 8,37,017 units in the year-ago period.
The February sales surpassed the previous record of 11,14,157 units achieved in January this year.
The domestic passenger car segment too posted the highest ever sales at 1,53,845 units against 1,15,505 units, up 33.20 per cent, in the corresponding month last year. It was the 11th straight month of growth for the segment.
Earlier, the car manufacturers had touched the peak in January this year at 1,45,905 units.
During the month, all the major manufacturers, including Maruti Suzuki, Hyundai Motor and General Motors reported their individual best sales ever.
"The highest ever sales by the auto industry was achieved mainly because of the preponement of buying as people truly anticipated an excise duty hike in the Budget. Also it was pushed little by pent up demand," SIAM Director General Dilip Chenoy said.
The industry is expected to continue the robust uphill drive in the current month also as customers would try to avoid another obvious price hike in April on account of shifting to a stricter emission norms, he added.
