NEW DELHI, Sept 11: Car sales in India jumped 18 per cent in August from a year ago, led by India’s biggest carmaker Maruti Udyog and helped by heavy discounts, according to industry figures on Tuesday. But total vehicle sales in the country fell 1.67 per cent in August to 739,157 units from the same month a year earlier, according to monthly sales figures from the Society of Automobile Manufacturers (SIAM).
The fast-growing Indian market is being driven by rising affluence.
Analysts see huge potential for vehicle sales in India where just eight out of 1,000 people own automobiles.
But higher loan costs stemming from a series of interest rate rises by the central bank to fight inflation have deterred buyers and forced manufacturers to offer discounts to lure them into showrooms. —AFP
