Domestic passenger vehicle sales grew for a 14th straight month in August with a 16.68 per cent increase, promoting auto industry body Siam to revise upward its growth estimate for the ongoing fiscal to 10-12 per cent.
According to the data released by the Society of Indian Automobile Manufacturers (Siam), passenger vehicle sales in August were at 2,58,722 units as against 2,21,743 units in the same month last year. Car sales were up 9.53 per cent to 1,77,829 units as against 1,62,360 units in August last year. “The revival in auto sector has become stronger and we are seeing growth across all vehicles segments… good monsoon and the 7th Pay Commission have contributed in creating positive consumer sentiments,” Siam Director General Vishnu Mathur told reporters here. Buoyed by the sustained performance, Siam expects growth in the passenger vehicles (PVs) segment for FY17 to be higher than its last estimate.