Domestic passenger vehicle sales rose 1.55 per cent in October, snapping three months of consecutive decline, although low market sentiments affected festive season demand, Society of Indian Automobile Manufacturers (SIAM) said Friday.
According to the latest data released by SIAM, passenger vehicle (PV) in October stood at 2,84,224 units as against 2,79,877 units in the year-ago month.
In July, August and September PV sales have declined by 2.71 per cent, 2.46 per cent and 5.61 per cent, respectively.
SIAM Director General, Vishnu Mathur, said positive growth in PV sales witnessed in October is reflective of the overall trend in the automobile industry.
Overall, the data shows pretty healthy growth. There is a positive movement in the automobile industry, he said.
Vehicle sales across categories registered a growth of 15.33 per cent to 24,94,426 units from 21,62,869 units in October 2017.
On PVs, Mathur said, "The slow growth is mainly due to base effect besides other factors such as increase in insurance, high fuel prices and decline in stock market impacting sentiments."
When asked if those factors affected festive mood, Mathur said, "The real impact of festive sales will be known only next month as Diwali was in November this year. However, till the end of October, sales have been slow and it wasn't like festive season."
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