Car Sales Upsurge But Auto Exports Fall In India
The Indian automobile sales scenario is going through a very important shift. The segment has been observing unexpected growth in its sales. As per the sales records of last month, the industry has seen a substaalnti growth. In the month of August, the monthly car sales in India increased to an all-time high. The reasons behind this sudden upsurge include lower borrowing costs, introduction of new models and also the forthcoming festivals in an expanding economy. All these factors were responsible for the increased demand for cars from leading automakers in India which include Maruti, Hyundai, Tata Motors and Ford India.
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Though there was an increase in car sales but the auto exports from India fell by 7 percent. In fact, the car makers have been focusing on the rising domestic demand and the approaching festive season. According to the numbers revealed by the Society of Indian Automobile Manufacturers, in August, the car exports were just 37,952 units, as compared to 40,901 units for the same month last year. The export market is now at a low profile, especially in Europe. Companies like Hyundai and MSIL are seeking new shores for marketing their products.
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In India, the companies like Maruti, Volkswagen and even Ford are not able to supply their popular models on time. Maruti has already made an announcement that it will soon build a new plant at its Manesar facility. This plant will produce an additional 250,000 units. However, Volkswagen has denied any change in its production plan to meet the rising demand. The car maker Ford has also begun a new shift at its Chennai plant because the sales of Figo, Fiat’s small car, crossed the 40,000 mark.