Passenger vehicle sales rose 1.55% in October, snapping three months of consecutive decline, although low market sentiments affected festive season demand
Bengaluru: Domestic passenger vehicle (PV) sales grew marginally on a year-on-year basis in October, an industry body said on Friday, the first time in four months when rising prices and lending curbs have hurt demand.
Passenger vehicle (PV) sales rose 1.55% in October, snapping three months of consecutive decline, although low market sentiments affected festive season demand, Society of Indian Automobile Manufacturers (Siam) said on Friday.
According to the latest data released by Siam, passenger vehicle sales in October stood at 284,224 units as against 279,877 units in the year-ago month.
In July, August and September, passenger vehicle sales have declined by 2.71%, 2.46% and 5.61%, respectively.
Siam director general, Vishnu Mathur, said positive growth in PV sales witnessed in October is reflective of the overall trend in the automobile industry.
Overall, the data shows pretty healthy growth. Vehicle sales across categories registered a growth of 15.33% to 2,494,426 units from 2,162,869 units in October 2017. reuters
PTI contributed to this story.
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