Companies have reported a double increase in car sales on account of softer car loans in November. Sales of various cars have gone up and more people have been able to go in for car on account of low interest rates.
Maruti Suzuki claimed that its sales in the month of November had gone up by 60% and had recorded 76,359 units as against 47,704 units during the same month the year last. The small cars of the company such as Alto, Wagon-R, Estilo, Ritz, A-Star and Swift showed a sales increase of 60% that is around 56,005 units. Last year the number of units was 34,976. Says the company,” The domestic sales growth in November is calculated on a low base of November 2008 when the industry was in the midst of worst-ever slowdown. Compared to the month of November 2007 (65,216 units), Maruti Suzuki’s domestic sales have grown 17.1%,” the company said.
The auto industry suffered a setback due to the recession. Car sales had come down by 19% in November 2008 and motorcycle sales fell by 20%.
Hyundai also recorded good domestic sales which went up by 83% reaching 28,162 units as compared to 14,605 units last November. The Tata and Fiat joint venture had shown an increase of 55% in sales, that is about 22,671 units as against 14,612 units last year during the same month. The sales of Tata during the month was around 20,706 units as against 14,327 units Fiat recorded 1965 units as compared to 285 units. Says Tata Motors,” The growth this year has come over low sales in November 2008 (which was) impacted by the downturn in the automobile industry during that period.”
Now that the recession period is getting over, naturally, the car sales are also recording high. The overall economic scenario is improving and the car industry is no exception to it. Better loans facilities are encouraging people to purchase cars.