Car sales slide on rising fuel prices

Market leader Maruti Suzuki reports 1.4% fall while Hyundai Motor India’s local sales slip 4.5% in Sept. Domestic passenger car sales by major players declined in September, 2018 as compared with the same period last year on account of rising fuel and product prices. Market leader Maruti Suzuki witnessed 1.4% decline in passenger car sales at 115,228 units compared with 116,886 units in the same period last year. Alto and WagonR sales were down 9.1%. Including domestic sales and exports, Maruti sold 162,290 units as against 163,071 units in the same period last year, down 0.5%. While domestic passenger vehicles sales rose 1.4%, exports declined 25.01%. Hyundai Motor India reported total sales of 62,757 units, including domestic sales of 47,781 units and exports of 14,976 units. This is as compared with 62,285 units including domestic sales of 50,028 units. The domestic sales were down 4.5%. Mahindra & Mahindra Ltd. sold 55,022 vehicles, compared with 53,752 vehicles during September 2017, up 2%. Its domestic sales touched 51,268 vehicles as against 50,545 vehicles in September 2017. Exports were up 17% at 3,754 units. Rajan Wadhera, president, automotive sector, M&M said, “September has been muted for passenger vehicles due to factors such as low consumer buying sentiment, high fuel prices and the effects of monsoon in many parts of the country. We remain hopeful that the upcoming festive season will augur well for us as well as the automotive industry.”

Source : https://www.thehindu.com/todays-paper/tp-business/car-sales-slide-on-rising-fuel-prices/article25100841.ece

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