The Society of Indian Automobile Manufacturers (SIAM), has dramatically lowered the auto sales growth forecast of the current financial year 2 to 4 percent, way lower as compared to earlier growth projections of 10 to 12 percent. The industry body lowered its growth projections following a sharp fall in sales for consecutive third month in September 2010. The Auto Sales have been a barometer of economic buoyancy in the country.
In the month of September 2011, the car sales dipped 1.8% to 165,925 cars, as per data released by SIAM on Monday. The car sales, which had surged 30 percent in last fiscal, have been slowing down since the starting of this year, as rising petrol prices and high interest rates on car loan keeping buyers out of the showrooms.
The sales of country’s largest car maker Maruti Suzuki dipped 17 percent to 78,816 units during the month of September 2011. Maruti Suzuki India currently has about 50 percent market share in the Indian market, selling every second car in the Indian market.
Speaking to reporters in the National Capital, Mr. S Sandilya, Chairman of Eicher Motors, who is also newly elected Chairman at SIAM, said, "We do expect some moderation in growth but the festive period could bring in some delayed cheer."
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