Industry

SIAM raises growth forecast for passenger vehicles

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Passenger vehicle sales rose almost 17% in August — the 14th consecutive month of growth

With sales of passenger vehicles in the country registering a rise of almost 17 per cent in August – the 14th consecutive month of growth, the industry body SIAM on Thursday revised its growth estimate for the segment to 10-12 per cent in the current fiscal.

Positive sentiment

“The revival in auto sector has become stronger and we are seeing growth across all vehicle segments... good monsoon and the implementation of 7th Pay Commission have contributed in creating positive consumer sentiment,” Director General at SIAM Vishnu Mathur said.

The sales of passenger vehicles (which includes passenger cars, vans and utility vehicles) in August stood at 2.59 lakh units as against 2.22 lakh units in the same month last year.

“Originally, we estimated the growth of the PVs to be 11-13 per cent. This was later revised to 6-8 per cent… Looking at what is happening and after speaking to our members, it is now felt that the growth will be higher. We should be hitting around 10-12 per cent,” Deputy Director General at SIAM Sugato Sen said.

During the five-month period ending August, passenger vehicle sales grew by 10.74 per cent to 12.16 lakh units. Utility vehicles such as Maruti Suzuki’s Vitara Brezza and Hyundai’s Creta have driven demand.

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Printable version | Dec 12, 2019 12:33:45 PM | https://www.thehindu.com/business/Industry/SIAM-raises-growth-forecast-for-passenger-vehicles/article14628626.ece

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