India Car Sales Hit a Record Level in February
Indian car sales are reported to climb by a third in February, touching their highest-ever monthly number, as buyers rushed to beat higher taxes in the national budget and the momentum should continue in March before new emission norms emerge and nudge up the prices.
"It's mainly pre-buying of vehicle that is aiding growth", Dilip Chenoy, Director General of SIAM, said. "There is a lot of pent up demand in India and loans are still available at lower interest rates, which is helping sales".
The figures issued Monday by the Society of Indian Automobile Manufacturers, or SIAM, revealed that the local car sales registered a rise of 33% to 153,845 cars from 115,505 a year earlier compared to the January sales which touched 145,905 cars sale.
February's growth hails a 32% on-year rise in January and a 40% jump in December. Car sales surged 61% in November last year, outlining the fastest momentum of growth since February 2004.
Sales in India are reported to boost for 13 months in a row, touching 153,845 cars in February from 115,505 in the same month a year earlier, data from the Society of Indian Automobile Manufacturers (SIAM) showed on Monday.
