The Indian auto industry has registered a massive sales figure of 2.5 million cars in the financial year 2010-11. Most of the car makers registered accelerating sales figures during the last financial year. However, the higher interest rates on car loans and surging commodity prices are expected to slow down the growth in the current financial year.
As per the recent data released by the Society of Indian Automobile Manufacturers' (SIAM), the sales of passenger cars (including utility vehicles), jumped by 30 percent in the financial year 2010-11. It adds that about 64 new car models marked their debut in the Indian market during this period.
In a statement given to the reporters, SIAM president Pawan Goenka said, "We have had the best year so far, but the growth is likely to moderate to around 12-15 % for the auto industry in this fiscal."He added that the auto makers have been absorbing the increase in input costs for a long time, but going ahead they will be forced to pass on the burden to the customers as our profit margins are already under pressure.
It is to be mentioned here that most of the leading car makers including (Maruti Suzuki, Mahindra & Mahindra and Tata Motors) have already increased the car prices in the Indian market.
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