The Indian automobile industry has reported positive sales growth for February in its first move upwards for eight months, it was revealed today (3rd March).

Government intervention has seen the State Bank of India capping the interest rate on car loans at ten per cent for the first year in a strategy designed to boost sales volumes.

The improvement was particularly noted in the car sector by Maruti Suzuki, which saw record sales of 79,190 vehicles - including exports - which represented a year-on-year rise of 24 per cent.

Furthermore, the company saw its sales grow in the domestic market for the second consecutive month, with the figure of 70,675 units standing as a 19 per cent year-on-year increase.

Responding to the statistics - which also mean its total sales were up by two per cent in the first 11 months of the 2009 fiscal year - Chairman RC Bhargava predicted an even stronger fiscal 2010 for the company.

Switching to two wheels, the latest data reveal that Hero Honda saw a 24 per cent rise in sales to 329,025 units compared to 12 months earlier, with 10.7 per cent overall growth between April 2008 and February 2009.

Anil Dua, the company's Senior Vice President for Marketing and Sales, said: "Our new launches, including Passion Pro Power Start in particular, have been driving strong volumes across geographies, further consolidating our more than 56 per cent share in the domestic motorcycle market."

Finally, Chennai-based firm TVS Motor revealed that its two-wheeler sales were up by 13 per cent on a year-on-year basis to 107,301 units, with motorcycle sales rising by seven per cent.



Source:

Maruti Feb. Sales Up; Hero Honda, TVS Motors Post Higher Sales (03/03/09)
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