Car sales up 31.2 per cent on lower interest rates

Car sales increased by 31 per cent in October 2004 for the seventh consecutive month this fiscal spurred by low interest rates, festive buyi...

Car sales increased by 31 per cent in October 2004 for the seventh consecutive month this fiscal spurred by low interest rates, festive buying and launch of a spate of new models.

A total of 73,770 units were sold in the review month over 56,222 units in October 2003, according to the Society of Indian Automobile Manufacturers. Cumulative (April-October 2004) car sales rose 22.3 per cent at 459,629 units.

Bus and truck sales jumped 21 per cent at 26,658 units in October this year.

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Two-wheeler sales in the country, the second-biggest market in the world after China, went up by 6.71 per cent at 591,002 units.

Three-wheeler sales also registered a rise of 13.5 per cent at 28,516 units in October.

Sales of utility vehicles (UVs) were up by 21.6 per cent at 15,983 units in October 2004. Multi purpose vehicle (MPV) sales drove northwards by 15.8 per cent at 6,106 units.

Car market leader Maruti Udyog sold 33.7 per cent more vehicles at 37,544 units in October, while its nearest rival Hyundai Motor India posted a 17 per cent rise in sales at 13,239 units.