The Indian car market has been experiencing a dip in the car sales in the month of July and August. Now, the car manufacturers have made a marginal increase during the month of September. They are offering new car launches for the festive season. Passenger car sales recorded 10-12% growth for the whole of 2008-09.
According to Dilip Chenoy, Director-General, Society of Indian Automobile Manufacturers (SIAM), “So far there have been no negative signs that could impact sales of automobiles in India. Considering that October is the festival month and the first few days before the financial turmoil has been good, we maintain our double-digit growth projection and expect the passenger vehicle segment to grow by 10-12% in this fiscal.”
He further added that the car manufacturers and dealers are working in tandem to offer loans at a lower rate of interest, a further reduction in actual interest rates would boost the growth.
According to SIAM, a passenger car comprises over 77% of the total vehicles sold in India. There has been a marginal increase of 2.84% in September in passenger car sales segment.
In spite of such a slow down in the Indian car market, the car sales are still improving when compared to September last year.