FADA expects sales to rise in March on pre-buying ahead of a
regulatory change that would increase prices from April and as
automakers dish out promotional offers in the final month of
India's fiscal year.
As one of the key indicators used to determine private
consumption, auto sales numbers hold more than 50% of the weight
when calculating India's economic growth.
A rise in borrowing rates in February "remains a concern",
said SIAM President Vinod Aggarwal, adding that he hopes for
moderation in the lending rates.
Two-wheeler sales, an indicator of the financial health of
India's lower- to middle-income households, were also up 7.6%,
doubling from 3.8% in January.
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by
Sonia Cheema)
BENGALURU, March 10 (Reuters) - India's total passenger
vehicles sales volume grew 11% in February to a record high as
demand for utility vehicles stood strong, the Society of Indian
Automobile Manufacturers (SIAM) said on Friday.
Wholesale passenger vehicle volumes rose to 291,928 units
from 262,984 units a year ago, said SIAM, which records sales to
dealers. Sales of passenger cars and utility vehicles formed up
to 96% of the total.
Earlier this month, the Federation of Automobile Dealers
Associations (FADA), which publishes retail sales data, also
said passenger vehicle sales grew 11% in February.
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