Indian car sales show strong annual growth
India's carmakers today said sales for the financial year ended March were robust, as demand improved due to government stimulus packages, cheap loans and new model launches.business Updated: Apr 01, 2010 15:21 IST
India's carmakers on Thursday said sales for the financial year ended March were robust, as demand improved due to government stimulus packages, cheap loans and new model launches.
Demand for cars has been on the rise in Asia's third-largest automobile market, making India an attractive target for global automakers.
Japanese-controlled Maruti Suzuki, India's largest passenger carmaker by sales, posted its highest-ever annual sales for the 12 months to March, coupled with higher sales for the last month.
Maruti said it sold 1,018,365 vehicles, including exports, up 28 per cent on the previous year. It was the first time an Indian car company had sold more than a million units in a year.
For the month of March, Maruti's sales, including exports, rose 11 per cent to 95,123, from 85,669 for the same period last year.
Its closest competitor, Hyundai Motor India, said annual sales for the year rose 21 per cent to 600,588.
For March 2010, Hyundai showed record sales of 31,501 vehicles in the domestic market.