Auto industry posts healthy growth in July; to continue trend
New Delhi: The domestic passenger car segment grew for the sixth consecutive month with July sales posting a robust 30.91 percent jump on account of low-base during the same month last year, which is expected to fuel the momentum for the next 2-3 months as well.
According to the Society of Indian Automobile Manufacturers (SIAM), domestic passenger car sales in July went up to 1,15,067 units from 87,901 units in the same month last year.
The total two-wheeler sales in July also surged by 20.07 percent to 7,19,668 units from 5,99,369 units in the same period last year. Bike sales during the month was up 19.48 percent at 5,46,245 units as against 4,57,178 units in the corresponding month a year ago, SIAM said.
"The growth witnessed in the passenger car segment was due to the low-base effect of last July. Usually sales in June is low due to monsoon, and it picks up in July," SIAM Director General Dilip Chenoy told reporters here.
The passenger car segment will continue to witness healthy growth in the next 2-3 months on account of low-base of last year, which was an outcome of a demand slump, he added.
Reversing the trend after 11 months, the commercial vehicle (CV) sales increased by 9.61 percent at 37,624 units compared with 34,325 units in the year-ago period.