Indian Automobile Industry News May 2014
After a long period of decline, of over 15 months, the passenger vehicles witnessed growth in sales in the month of May 2014. The excise cuts seems to have give
some support to the automobiles sector and this could be early signs of improvement in the commercial vehicles too, as the decline in the commercial vehicles
segment narrowed little. The improvements in these two segments pushed the automobiles sector to a growth of 13.2% in May 2014, according to data released by
the Society of Indian Automobile Manufacturers (SIAM).
Passenger Vehicles showed improvement with sales growth of 2.8% in May 2014 over the same month last year. The Passenger Cars and Utility Vehicles segments grew by 3.1% and 4.6% respectively. The Vans segment, however, declined by 4.9% slightly pulling down the Passenger Vehicles sales.
The Commercial Vehicles still registered a decline of 15.3% for May 2014 against May 2013, however, the decline was lower than its decline of 24% in April 2014. The Light Commercial Vehicles continued to drag Commercial Vehicles sales down with a 17.7% sales decline while sales of Medium & Heavy Commercial Vehicles (M&HCVs) was down by 10.5%.
Three Wheelers sales growth was 12.4% in May 2014, with Passenger Carriers growing by 14.3% and Goods Carriers by 4.9% over May 2013.
Two Wheelers sales was 16.3% higher in May 2014 over May 2013, with Scooters registering 34.5% growth followed by 11.7% growth in Motorcycles and 3.1% in Mopeds.
Source: The Society of Indian Automobile Manufacturers ((SIAM)