Car sales in India rose 7.8% year on year in June, up for a fifth straight month and reinforcing the country as one of the few markets where demand has been growing.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
New models and falling borrowing costs are luring new buyers back after a downturn in the middle of last year when high interest rates, lack of vehicle finance and a slowing economy squeezed demand, Reuters reported.
“It is a kind of pent-up demand,” Dilip Chenoy, director general of the Society of Indian Automobile Manufacturers (SIAM), told the news agency. “A lot of sales in the two-wheeler and passenger car segment are led by new model sales.”
Automakers sold 107,531 cars in June, compared with 99,741 a year earlier, SIAM data showed.
Maruti Suzuki, which last week reported a 22.6% annual rise in June car sales, led the pack.
However, sales of trucks and buses, a barometer of economic activity, fell 12.5% year on year to 36,193 units.
