The car industry continued on its high growth path in April despite fears that the market might witness a slowdown due to hardening of interest rates. Car market leader Maruti Udyog sold 48,652 vehicles in the domestic market in April 2007, an increase of 17 per cent over the 41,574 vehicles it sold in April last year.
Overall, Maruti Udyog sold 50,352 vehicles in April 2007, including 1,700 cars for export. Maruti’s volume in the premium compact segment grew by 20.3 per cent and in the Sedan segment by 21.1 per cent during the month over April 2006.
Hyundai Motor India, the country’s second largest car manufacturer and largest passenger car exporter, recorded growth of 4.8 per cent and 4.6 per cent in the domestic and export markets, respectively, in April 2007 over the same month a year ago. Hyundai sold a total of 27,069 vehicles in April, of which 15,728 were sold in India and the remaining 11,341 exported.
Tata Motors posted an 11 per cent increase in vehicle sales, including exports, during the month at 40,486, up from 36,574 in April 2006. The company sold 16,842 vehicles in India, up 26 per cent from the same month a year ago. Sales of its flagship hatchback, Indica, climbed 28 per cent to 10,870 in April 2007.
Sales in the Indigo family, which comprise the Sedan Indigo and the station wagon Marina, were up 2 per cent at 2,632 vehicles. The Sumo and Safari accounted for sales of 3,340 vehicles, an increase of 49 per cent over April last year. The company sold 1,474 Safari SUVs, up 269 per cent in the month.
Commenting on its April sales Arvind Saxena, Vice-President (marketing and sales), Hyundai Motor India, said, “With the increase in interest rates there could have been a slump in demand, but we took the timely measure of introducing a special scheme of 8.99 per cent interest to serve our customers better and this obviously helped us in keeping the momentum going and consolidate our position as the second largest passenger car manufacturer in India.”
Škoda India, a wholly owned subsidiary of ŠkodaAuto, said it had sold 1,000 cars in April 2007, up from 984 in the same month a year ago.