India’s domestic sales of passenger cars rose for a third successive month in January as the industry bounced back from a sharp deceleration amid growing signs of the high interest rate cycle nearing an end.
Car sales in the first month of 2012 stood at 196,013 units, up 7.2% from the corresponding month a year earlier, the Society of Indian Automobile Manufacturers (SIAM) said in a statement in New Delhi.
Car sales in January surged by an impressive 23% from the previous month.
Local sales of trucks and buses stood at 69,859 units in January versus 61,537 units sold in the same month a year ago, data from the industry body showed today. That translates into a year-on-year growth of 13.5%.
Local two-wheeler sales rose to 1,113,831 units last month from 980,243 units sold in January 2011, according to the SIAM data. That represents an increase of 13.6% from January 2011.
Total automotive sales grew by 12.17% to 14,81,435 units in January 2012 as against 13,20,644 units sold in the same month of 2011, SIAM data added.