Siam revises auto forecast upwards1 min read . Updated: 10 Jul 2012, 04:24 PM IST
Siam revises auto forecast upwards
New Delhi: Auto industry lobby Society of Indian Automobile Manufacturers, or Siam, has raised its forecast for the Indian auto market in the current fiscal.
Siam, however, cut its forecast for commercial vehicles by 3 percentage points to 6-8% while it maintained its forecast for two-wheelers at 11-13%.
“We have indicated that there is a moderation of demand. We are getting signals of a slowdown," said S. Sandilya, president of Siam. “Demand for vehicles are there and with fuel prices moderating and interest rates not going up, we believe festive season will be good for the industry. We are in a good shape and are optimistic about the market."
The reason for revising passenger vehicle sales forecast was lower sales in the year earlier because of a strike at Maruti’s Manesar facility and new models being introduced this year in the utility vehicle segment.
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