Most of the leading dailies reported record sales in August 2010. (We get excited about new peaks/records)
Key numbers for Aug 10 ( Aug 09) Growth percentage:
- Cars - 160,794 units ( 120,681) - 33 %
- Commercial vehicles - 52,030 ( 40,609) - 28 %
YTD (Apr-Aug) car sales registered 34 % jump at 753K cars sold.
Inflation has forced government to maintain higher interest rates, expected to go up further. The marginally higher interest rates does not seem to have affected the TIV, thankfully.
While the reports highlight the jump in TIV over last year, they don't mention 2009 was not best of years, after all.
Monsoon at country-level has hit over 100%. That should augur well for the next agri season...which would translate to a very positive outlook for economy, including automobile. Moreover, car sales normally peaks at Diwali... The suppliers should be able to ensure steady dispatch of components in view of the thrust in demand, a likely dampener.
Overall, interesting times ahead for India's automobile sector.