Maruti Suzuki India Ltd, for the first time, has raced past its Japanese parent Suzuki Motor in sales.
The rising income in India fuelled demand for Maruti cars in the country. Maruti Suzuki sold 336,758 cars, vans and sports utility vehicles in India between April and September, the Society of Indian Automobile Manufacturers (SIAM) said. In comparison, Suzuki sold 315,000 units in Japan during the same period, according to spokesperson Takuma Mizuyoshi.
Suzuki and other car makers plan to spend more than $6 billion on new facilities to meet the growing demand for passenger cars in India. The overseas expansion is expected to compensate for the sluggish demand in Japan.
“This is significant and it’s a pointer to other companies on the potential India holds for the future,” said K.K. Mittal, a fund manager at Escorts Asset Management.
The Maruti feat is in contrast with the September vehicle sales figure released by SIAM today. Total sales in the domestic market fell by 9.58 per cent with passenger vehicle sales posting a single-digit growth, despite rising car sales.
Already hit hard by rising interest rates, the industry suffered a double whammy with car exports declining by 8.25 per cent during September, thanks to the appreciating rupee.
The two-wheeler segment continued its dismal performance registering a 13.17 per cent fall, while motorcycle sales skid by 18.40 per cent.
Total vehicle sales in the domestic market stood at 8,89,693 units compared with 9,83,983 units in the same month last year.
Source: http://www.telegraphindia.com/1071011/asp/business/story_8421217.asp
The rising income in India fuelled demand for Maruti cars in the country. Maruti Suzuki sold 336,758 cars, vans and sports utility vehicles in India between April and September, the Society of Indian Automobile Manufacturers (SIAM) said. In comparison, Suzuki sold 315,000 units in Japan during the same period, according to spokesperson Takuma Mizuyoshi.
Suzuki and other car makers plan to spend more than $6 billion on new facilities to meet the growing demand for passenger cars in India. The overseas expansion is expected to compensate for the sluggish demand in Japan.
“This is significant and it’s a pointer to other companies on the potential India holds for the future,” said K.K. Mittal, a fund manager at Escorts Asset Management.
The Maruti feat is in contrast with the September vehicle sales figure released by SIAM today. Total sales in the domestic market fell by 9.58 per cent with passenger vehicle sales posting a single-digit growth, despite rising car sales.
Already hit hard by rising interest rates, the industry suffered a double whammy with car exports declining by 8.25 per cent during September, thanks to the appreciating rupee.
The two-wheeler segment continued its dismal performance registering a 13.17 per cent fall, while motorcycle sales skid by 18.40 per cent.
Total vehicle sales in the domestic market stood at 8,89,693 units compared with 9,83,983 units in the same month last year.
Source: http://www.telegraphindia.com/1071011/asp/business/story_8421217.asp
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