SIAM slashes car sales growth forecast to 9-11 percent

July 10th, 2012 - 9:15 pm ICT by IANS  

New Delhi, July 10 (IANS) The Society of India Automobile Manufacturers (SIAM) Tuesday cut passenger car sales forecast to 9-11 percent for the current financial year owing to weak macro-economic conditions.

Three months earlier, the industry association had projected the segment would grow by 10-12 percent.

“The cost of car ownership has gone up by 2 to 4 percent in recent months and there has been a moderation of per capita income. There is pressure due to high fuel prices and interest rates,” S. Sandilya, SIAM president, told reporters here.

According to SIAM, during the April-June period passenger car sales grew 5.22 percent to 4,90,802 units, compared to 466,452 during the like period of the previous financial year.

The total vehicles sales during the period under review stood at 44,74,627 units, up 9.94 percent against 40,69,995 units in the like period during an year ago.

Two-wheeler sales rose by 10.51 percent to 35,19,529 units during the April-June period from 31,84,774 units in the corresponding period last year.

While Motorcycle sales during the quarter under review rose by 6.79 percent to 26,28,949 units, scooter sales had a growth of 29.14 percent to 6,87,333 units in April-June period this year.

The overall automobile exports registered 1.22 percent negative growth during the period under review.

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