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Sales rise across the board for cars, tractors, and trucks, in November

2 Dec 2022 , 03:32 PM

Most Indian manufacturers experienced excellent overall sales in November thanks to the holiday season, with market leader Maruti Suzuki reporting a 14.3% increase for the month.

Auto sales figures are closely monitored since they are one of the most important indicators for evaluating private spending, which accounts for more than 50% of the calculation of the nation’s economic growth.

The Reserve Bank of India’s upper tolerance zone for inflation is 6%, yet India’s inflation has remained high despite recent signs of improvement.

Tata Motors saw a 55% increase in passenger car sales, a 56.2% increase at Mahindra & Mahindra, and a 22.6% increase at Maruti Suzuki India. One of the fastest expanding market sectors, utility vehicle sales increased 32.5% at Maruti and 56% at Mahindra.

Sales of tractors, a key indicator of the health of the rural economy and farm revenues, increased by 10.3% at Mahindra, 11.3% at Escorts Kubota, and 10.3% at VST Tillers Tractors.

Although rival Bajaj reported a 22.6% dip to 262,120 units, two-wheeler sales at TVS Motor Co. increased slightly to 263,642 units. The sales data provide a rough indication of the financial situation of India’s largest consumer group, which is generally referred to as “lower middle-class households.”

Sales of bikes by Royal Enfield distributor Eicher increased by 37% to 70,766 units.

The third-largest economy in Asia, India’s annual economic growth during the quarter that ended on September 30 more than halved to 6.3% from 13.5% in the prior three months.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Auto sales
  • economy
  • growth
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