According to data released by the Society of Indian Automobile Manufacturers (SIAM) some 110,743 cars were sold in India in May, a gain of 14.3% on the same month last year.
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Maruti, Hyundai and other carmakers in India introduced new models and discounted in order to counter the adverse impact of high interest rates and rising fuel prices.
“Dealer dispatches were fairly healthy in April,” Jamshed Dadabhoy, a Mumbai-based analyst at Citigroup said in a recent report, according to Dow Jones.
“The confluence of high interest rates, curtailment in retail finance and a general slowdown in economic growth has been offset these past two months by some pre-buy from both dealers and consumers given various price hikes announced.”
Suzuki Maruti sold 57,315 cars in May, 16% more than a year earlier. Sales of Hyundai, India’s second-biggest carmaker by sales, rose 47% year on year to 24,506 cars.
Sales of Tata Motors, the third-ranked carmaker, remained unchanged in May at 14,228 units.
Truck and bus sales increased 6.1% in May to 35,294 units.
