1 Updates
January sales: A mixed bag for the auto industry (Roundup)
Photo Credit: PATRIK STOLLARZ, Getty Images

January sales: A mixed bag for the auto industry (Roundup)

Feb 1 2013, 8:16am CST | by

New Delhi/Chennai, Feb 1 (IANS) The new year has not augured well for the Indian automobile industry as January sales show a mixed picture due to sluggish market condition, high interest rate and diesel price de-regulation.

New Delhi/Chennai, Feb 1 — The new year has not augured well for the Indian automobile industry as January sales show a mixed picture due to sluggish market condition, high interest rate and diesel...

Filed under: news

YouTube Videos

 
 
 

1 year ago

January sales: A mixed bag for the auto industry (Roundup)

Feb 1 2013, 8:16am CST | by

New Delhi/Chennai, Feb 1 (IANS) The new year has not augured well for the Indian automobile industry as January sales show a mixed picture due to sluggish market condition, high interest rate and diesel price de-regulation.

New Delhi/Chennai, Feb 1 — The new year has not augured well for the Indian automobile industry as January sales show a mixed picture due to sluggish market condition, high interest rate and diesel price de-regulation.

While Hyundai and Mahindra & Mahindra attracted buyers, others like Tata Motors and Maruti Suzuki lost market share.

Chennai-based Hyundai Motor (HMIL) logged a growth of 4.25 percent for the month under review. Sales stood at 52,024 units from 49,901 units sold in the same period of 2012.

While domestic sales grew by 1.2 percent at 34,302 units, exports zoomed by 10.8 percent in the month under review, and stood at 17,722 units from 16,001 units shipped out in January, 2011.

"For Hyundai the year has started on a positive note with growth in its domestic and export sales," said Rakesh Srivastava, vice president, sales.

"The change in price differential between petrol and diesel prices has increased interest in petrol cars, reflecting in the waiting period of models like Eon, i20 and Verna petrol," Srivastava said, adding that marketing initiatives in the rural markets are bringing in volume growth.

Leading sports utility vehicle (SUV) manufacturer Mahindra and Mahindra's total sales in January reported a healthy 11 percent sales growth which stood at 49,503 units from 44,718 units sold in the same period last year.

The company said its domestic sales increased by 16 percent and stood at 47,841 units during January this year under review from 41,369 units sold during January 2012.

The exports, however, declined sharply by 50 percent at 1,662 units from 3,348 units shipped out in the corresponding month last year.

The company hoped the repo and cash reserve ratio (CRR) rate cuts by 25 basis points would help sales.

"The recently announced reduction of 25 BPS (basis point) both in the repo and CRR (cash reserve ratio) rates is a positive step and is expected to bring in the much desired momentum in the market," said Pravin Shah, chief executive, automotive division, M&M.

"The industry has already seen reductions in auto loan rates announced by some banks which will help improve customer sentiments," he added.

Tata Motors' last month sales turned sour with a decline of 29.5 percent. The offtake stood at 61,660 units from 87,465 units sold in corresponding month of 2012.

Segment-wise, passenger vehicles sales were down around 50 percent at 15,209 units from 34,669 units sold in the corresponding month of last year.

Passenger car major Maruti Suzuki had a marginal fall in overall sales including exports by 1.1 percent, which stood at 114,205 units sold in January from 115,433 sold in January 2012.

According to the company, its domestic sales increased by 2 percent in the month under review and stood at 103,026 units from 101,047 units sold in the like period of last year.

However, exports in the month under review grew by 22.3 percent and stood at 11,179 units from 14,386 sold in January 2011.

Segment-wise, passenger vehicle sales increased by 0.2 percent at 88,557 units from 88,377 in the same month last year.

IANS

Source: IANS

 

Don't miss ...

 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

IPad Air Giveaway 2014 is Online
IPad Air Giveaway 2014 is Online
Our sister site I4U News is giving away a brand new iPad Air or if you can wait an iPad Air 2. This is an $499 value.
 
 
Your Parent Or Kid Moved In: Are You Covered?
A record 57 million Americans now live in multigenerational family households — double the number in 1980, according to a new Pew Research Center study. And I bet many of them have the wrong homeowner’s or renters...
 
 
Pandora Looks to Challenge Terrestrial Radio's Dominance in Cars
Pandora Media is one of the largest Internet radio providers in the U.S. with more than 75 million active users. While the company’s active user count has increased at a robust pace historically, it is likely to slow...
 
 
Are General Manager Salaries About To Skyrocket? Will There Be A Front Office Salary Cap?
Are General Manager Salaries About To Skyrocket? Will There Be A Front Office Salary Cap?
It’s January 2026. New York Yankees owner Hal Steinbrenner gets out of his driverless car and triumphantly marches before the gathered press to introduce his prized new free agent. It’s a record-breaking contract—over...
 
 
 

Latest from the Network

Katie Holmes moves from NY to California
Los Angeles, Aug 23 (IANS) Actress Katie Holmes, who has been living in New York for two years with her daughter Suri, has now shifted back here. Holmes lived here during her marriage to star Tom Cruise, and then...
Read more on Celebrity Balla
 
Lebanon cautions against repercussions from Syrian crisis
Beirut, Aug 23 (IANS) Lebanon's social affairs minister Rachid Derbas cautioned Friday that the "country is on the verge of drowning" and it cannot bare anymore the repercussions of the Syrian crisis and Syrian...
Read more on Politics Balla
 
EU to fund agricultural products affected by Russia's ban
Brussels, Aug 23 (IANS) Experts of the European Union (EU) said Friday that the EU would provide additional funding for agricultural products affected by Russia's food import ban. On the emergency support measures...
Read more on Business Balla
 
'Iron Man 3' director to make 'The Destroyer' film
Los Angeles, Aug 23 (IANS) Shane Black, who directed "Iron Man 3", will now go behind the camera for a movie adaptation of action book series "The Destroyer". He will direct the film, based on the 1970s adventure...
Read more on Celebrity Balla
 
170 illegal immigrants missing off Libyan coast
Tripoli, Aug 23 (IANS) A wooden boat carrying some 170 illegal immigrants was missing off the Libyan coast near Tripoli Friday, a coast guard official said. The stowaways were believed from sub-Saharan African...
Read more on Politics Balla
 
NATO chief condemns Russian aid convoy entry into Ukraine
Kiev, Aug 22 (IANS) NATO Secretary General Anders Fogh Rasmussen Friday condemned the entry of a Russian humanitarian convoy into Ukrainian territory without Kiev's consent and without involvement of the International...
Read more on Politics Balla
 
64 killed in Iraq mosque attack
Baghdad, Aug 23 (IANS) At least 64 people were killed Friday when suspected Shia militiamen attacked a Sunni mosque in Iraq's eastern province of Diyala, a media report said. A bomber blew himself up and other gunmen...
Read more on Politics Balla
 
UN to hold emergency meeting on Ukraine crisis
United Nations, Aug 23 (IANS) The UN Security Council is to hold emergency consultations amid media reports of a major escalation in the Ukraine conflict. The emergency session, scheduled for Friday evening, was...
Read more on Politics Balla
 
EU deplores Russia's humanitarian convoy into Ukraine
Brussels, Aug 23 (IANS) The European Union (EU) Friday deplored as illegal Russia's decision to send humanitarian consignment into Ukrainian territory without escort of the International Committee of the Red Cross (...
Read more on Politics Balla
 
US targets key financiers of Al Qaeda, Al Nusra Front
Washington, Aug 23 (IANS) The US Friday imposed sanctions on two alleged key financiers of al-Nusra Front and Al Qaeda, authorities said. Abdul Mohsen Abdullah Ibrahim Al-Sharikh and Hamid Hamad Hamid Al-Ali were...
Read more on Politics Balla