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The domestic automotive industry rode the momentum it gained after India voted decisively to usher in a stable government two months ago, with most major passenger vehicle manufacturers posting high double-digit growth in sales in July over last year.
India’s largest car maker Maruti Suzuki led the growth with a near 20% rise in sales at 90,093 units against 75,145 units in July last year.
Coming a day after the company posted a stellar set of financial results for the first quarter, it underlined that at least for now all is well at motown.
Arch rival Hyundai Motor India also saw a 12.7% growth in sales led largely by its two new launches Grand i10 and the sedan based on it — Xcent.
“The demand pull created by the successful product launches and strong channel spread has brought down the discounts and the green shoots of growth are visible with the stabilisation of macro-economic factors,” said Rakesh Srivastava, senior vice-president — sales and marketing, Hyundai Motor India Ltd.
Japanese car major Honda posted a 40% jump on the back of the launch of its first multi purpose vehicle Mobilio last month.
Honda has emerged as the third-largest passenger vehicle manufacturer in India for the last two months — a position it had never achieved in its over 10-year existence in the market.
“We are happy with the progress we have made in this year,” said Jnaneswar Sen, senior vice-president, Honda Cars India Ltd. “Our recently launched Mobilio has received good response from the market with over 10,000 bookings since its launch and are confident that it will attract more customers.”
With the festive season less than two months away, manufacturers like Mahindra & Mahindra, Tata Motors, Ford India and General Motors that saw sales decline in July are also hopeful of a turnaround soon.
“The overall sales during the last month was subdued and the market remained challenging,” said Pravin Shah, chief executive, automotive division and international operations, M&M.