Indian auto industry posts robust growth in July
Indian auto industry posts robust growth in July
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CHENNAI: The passenger/commercial vehicle and two-wheeler segments of the Indian automobile sector saw substantial growth in the previous month, while the tractor segment lagged behind. When compared to July of previous year, major manufacturers of passenger cars reported total sales of over 3.43 lakh last month.

According to Emkay Global Financial Services, the commercial vehicle industry kept up its strong growth momentum due to high demand in both the passenger and freight segments. Global, manufacturers of passenger and two-wheeler vehicles also experienced increases on account of increased production and dealer inventory builds up before the holiday season.

In comparison, tractor volumes significantly decreased due to  a high base and an unequal distribution of the monsoon season.

In research, Mitul Shah, Head of Research at Reliance Securities, noted "we expect the industry volume to rise steadily every month over the next 3 to 4 months backed by festive season kicking in now." He said, the industry will be supported going forward and the sector would see double-digit growth in FY23 due to the easing of commodities prices and stable fuel prices.

Leading automaker Maruti Suzuki India Ltd, reportedly sold 175,916 units at the end of July, up from July 2021's 162,462 units (domestic sales were 145,666 units, sales to other automakers were 9,939 units, and exports were 20,311 units) (domestic 133,732 units, OEM sales 4,738 units, exports 21,224 units).

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