After four consecutive record-setting months, vehicle sales in the country slowed down in November, growing by 17.8% — against 45.9% growth registered in the same month a year ago.
According to Society of Indian Automobile Manufacturers (SIAM), 12,21,981 vehicles were sold in the country las month, against 10,37,232 in November 2009.
“The automobiles sales growth in November was slower than September and October, and the actual volume was also lower,” SIAM senior director Sugato Sen said. “The main reason was that the build up to the festive season that gave additional volumes has tapered off.”
Sen said the industry body expects even lower sales in December. Domestic passenger car sales grew 20.8% to 1,61,497 units, compared to 1,33,703 units last November.
As per SIAM figures, motorcycle sales grew by 15.6% to 7,10,182 units from 6,14,274 units in the same month last year. Total two-wheeler sales rose by 17.7% to 9,30,370 units from 7,90,613 units in November 2009.
Sen said market fundamentals such as rate of interest, availability of liquidity and products were still favourable for a good growth.
“Demand will finally settle down to around 25% at the end of fiscal for the passenger vehicles,” he said, adding the industry was hoping to end the fiscal year at an overall growth between 25 and 30%.
Sales of commercial vehicles jumped by 18.3% to 48,314 units from 40,855 units in the year-ago period, SIAM said.