Auto Demand in India at an All time High in 2010

Auto giants including Maruti Suzuki, Hyundai, Ford and General Motors have received a boost in sales through the month of November owing to ease in acquiring finance and growth in demand during the festival season. Demand for cars in India has grown over 30% in 2010 and analysts claim that figure will double to three million vehicles annually by 2015.

For the fifth time, Maruti surpassed the one-lakh mark in domestic sales driven by consistent demand for its fuel-efficient compact cars such as the Alto and Wagon R.

Mahindra & Mahindra witnessed growth by 18% in its domestic sales as against the same period in 2009. Also confirmed, a 125% increase in two-wheeler sales for M&M in November. Sales are expected to continually rise if market trends are to be indicators. “In December, we expect the market to continue its growth trend,” said Arvind Saxena, Director, Marketing and Sales, Hyundai Motor India Ltd.

Rajesh Jejurikar, Chief Executive, Automotive, Mahindra & Mahindra, said, “All our brands including our passenger vehicles segment (which includes our UVs and Logan) as well as the 4-wheel pick-up segment have shown an impressive growth. This is despite the prescheduled plant maintenance shutdown of 6 days during November 2010.”

With the cost of raw materials going up, margins may be adversely affected in the quarters to come. Analysts predict companies rising local sourcing of critical components to maintain margins.

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