February passenger car sales down 26 percent: SIAM
New Delhi, March 11 : Sales of domestic passenger car segment fell around 26 percent in February - the steepest fall in 12 years, indicating a bearish consumer sentiment due to high fuel and interest costs, the Society of Indian Automobile Manufacturers (SIAM) said Monday.
Data furnished by SIAM showed a decline of 25.71 percent, as only 158,513 units were sold in the month from 213,362 units in February 2012.
According to SIAM officials, last time the passenger car market fell so much was in December 2000 when the decline was of 39.86 percent.
In January, SIAM reduced its passenger car sales forecast for the third time in the current fiscal. The sales growth may be flat between nil to one percent for the year ended March 31, 2013.
In October, the automobile association reduced its estimates of a moderate 1-3 percent.
Three months earlier, it had projected that the segment would grow by 9-11 percent and before that at about 10-12 percent.
Two-wheeler declined by 2.77 percent at 1,112,289 units from 1,143,982 units sold in the same period of 2012.
Motorcycle sales in February fell by 4.48 percent and stood at 800,185 units from 837,743 units sold during the corresponding month of last year.
SIAM reported an increase of 4.45 percent in three-wheeler sales, which stood at 44,117 units from 42,236 sold in corresponding month last year.
Sales of commercial vehicles, a key indicator of economic activity, slumped 11.06 percent at 68,388 units in February from 76,891 sold during the corresponding month of 2012.
Total exports for the month went up 13.36 percent at 253,361 units being shipped out from 223,498 units sold abroad in February last year.
Total domestic sales across categories in February declined 5.45 percent at 1,451,278 units from 1,534,910 units sold in the corresponding month of last year.