A rebound in demand from a phase of slowdown often throws a few surprises and statistically, may result in a few records. The automobile industry witnessed its highest-ever growth in a single month in November this year with a 45.8 per cent rise over the same month last year.
Every major segment set new records, but the growth was largely led by passenger and commercial vehicles. The former witnessed a 66.54 per cent growth, its highest in almost nine years, while the latter grew by 97.99 per cent— a record.
The big numbers are however a result not of extraordinary growth in volumes but the low base of last year, when sales slumped by almost 18 per cent.
Two-wheelers, which account for the lion's share of automobile sales in the country witnessed a five year high growth of 39.31 per cent. The last time the segment had grown at a higher clip in a month was in December 2004 when it grew by 41.57 per cent.
“There is enough evidence to suggest that the industry is back on the growth track and passenger vehicle segment should be able to cross 2 million unit figure by next financial year,” said a senior official of industry body Society of Indian Automobile Manufacturers. “Two wheelers however are still running short of our target of 10 million units by 2010-11 and there will be a sizeable shortfall in that, despite the growth that is being witnessed currently.”
Car sales also grew at a five year high growth rate of 60.83 per cent, second only to the 73.10 per cent growth it clocked in February 2004.
Some of these records are likely to last only for a month, as sales had fallen 21 per cent last December: the numbers are bound to get bigger.
China auto sales cross 1 mn in Nov
China extended its lead over the U.S. as the world’s biggest auto market in November, with production and sales more than doubling from a year earlier to cross 1 million vehicles each.
Private research group China Passenger Car Association reported on Tuesday that sales of cars and trucks hit 1.01 million in November, up 104 per cent from the same month last year. Production was 1.08 million, up 101 per cent. Jan-Nov vehicle sales exceeded 12 million. AP