INDIA: Car market shows signs of life
Company sales data has raised hopes in India that the vehicle market picked up in February.
The Economic Times reports that data released by Maruti Suzuki, Hyundai Motors India and and Mahindra & Mahindra (M&M) indicate increased exports and domestic sales during February.
The paper said that Maruti achieved its highest-ever domestic sales - led by the new A-Star model - and exports in any single month, while Hyundai recorded a 45.3% growth in domestic sales. M&M saw its growth at 21.6%.
Growth has been fuelled by a number of factors including an increase in liquidity after the stimulus packages, cuts in interest rates and excise, as well a softening of fuel prices, the report said.
Maruti grew 19% to 70,625 units in February 2009 compared to 59,311 units in the same month a year ago.