Domestic automobile sales continued to break record numbers with the Society of Indian Automobile Manufacturers (SIAM) on Thursday stating that the total number of vehicles sold in the country during August at 12,63,293 units was the highest-ever achieved in a month. The industry sold 12,37,461 vehicles in July.
The industry body also said auto sales will exceed the forecast it had made earlier this fiscal, on the back of the continued robust growth.
However, a dampner in the growth story was passenger car exports, which declined by 7.2 per cent in August, as auto makers decided to focus on robust domestic market, SIAM said.
Passenger car exports in August stood at at 37,952 units, as against 40,901 units in the same month last year.
Overall vehicles sold in the domestic market during August grew by 25.2 per cent from 10,08,712 units in the same month last year.
The record number in August was driven by best-ever monthly sales in passenger cars, passenger vehicles, two-wheelers and multi-utility vehicles segments, SIAM said.
"The fundamentals of the economy continue to be strong and consumer confidence is high. These are driving the growth of sales of vehicles, mainly in the personal usage segments," said Vishnu Mathur, director-general, SIAM.
Domestic passenger car sales jumped by 33.2 per cent to 1,60,794 units in August, as against 1,20,681 units in the same month last year.
Motorcycle sales rose 19.4 per cent to 7,27,542 units, while two-wheelers recorded a 23.2 per cent growth to 9,57,304 units during the month. Sales of commercial vehicles jumped by 28.1 per cent to 52,030 units.
SIAM had forecast that passenger vehicles sales to grow around 13 per cent this fiscal, which is now witnessing a growth of around 30 per cent.