Car sales notch 61% growth in January - Views on News from Equitymaster

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Car sales notch 61% growth in January

Feb 7, 2000

Car sales continued to post strong growth zooming 61% in January 2000, underlining the robust demand that exists in the auto segment. The 61% growth is even more commendable given the fact that car companies had hiked prices in January 2000 after the sales tax rationalisation in certain states. Some companies had also hiked prices to factor the cost increase from compliance with Euro emission norms.

According to car sales figures released in a leading financial daily, January 2000 witnessed sales of 52,071 units, as compared to 32,359 units in January 1999. These figures do not include sales of Mercedes Benz and multi utility vehicles (MUVs).

Small car sales are proving to be the biggest growth driver, with Zen, Santro, Indica and Matiz registering strong growth. Even the premium car segment has witnessed increasing demand. Sales in December 1999 and January 2000 crossed the 6,000-mark, which is a record. 6,094 premium cars were sold in January 2000, a 99% growth over January 1999 (3,055 cars).

This has all the makings of a great year for the car industry, the small car segment anyway. Consumers seemed to have taken the price hikes in stride and have gone ahead with their purchases. The premium car segment has also witnessed encouraging growth, which is a good sign for the auto industry as it proves that growth potential exists across the board and not simply in the small car segment.

The mid-sized car segment continues to be on a roll with recent launches by Hyundai (Accent) and Ford (Ikon) becoming instant hits with consumers. With more launches on the anvil, this segment is expected grow very fast and may witness some migration from the small car segment.

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