Car sales rise for eighth straight month in June
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Car sales in India rose an annual 8.3 per cent in June, data from an industry body showed on Tuesday, in what was the eighth straight monthly rise but below industry expectations as a hike in excise tax has crimped demand.
Automakers sold 155,763 cars in the domestic market in June, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
Sales of trucks and buses rose 4.7 per cent in June to 64,926 vehicles. Motorcycle sales rose 6.6 per cent to 879,713.
Overall growth in domestic sales during the April-June period stood at 9.94 per cent.
Releasing the numbers, the industry body also lowered the domestic sales target for the financial year to 9-11 per cent from 10-12 per cent.
"Growth will be reasonable, we are still positive," SIAM president S. Sandilya said. "The mood of the system is wait and watch."
With inputs from Reuters