Car sales up 2% in February, two-wheeler sales slide
The Economics Times: March 11,2008
NEW DELHI: The automobile industry saw little cheer in February as the two-wheeler industry continued to de-grow and passenger car sales went flat with barely 2% growth.
According to figures released by Society of Indian Automobile Manufacturers (SIAM), passenger car sales grew by a little over 2% to 94,756 units in February’08 as compared to 92,618 units in February’07. Passenger vehicles, which include utility vehicles, cars and multi-utility vehicles, grew 7.8%, clocking 1.25 lakh units.
However, industry players are not concerned at the moment. Mahindra Renault’s MD Rajesh Jejurikar said: “ I think, February sales figures are not the true indicators for the car industry’s growth.
Most customers and manufacturers postpone their plans and wait for the budget announcements. The car industry can easily see a 10% CAGR in the next 4-5 years.”
