Car sales in May increased by 2.8 %
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The people in India have showed a great interest in purchasing cars last May as a crucial data states that the car sales in the month of May touched 2.8 per cent. The industry expectations were, in fact, very low since excise duty was hiked on cars. But then car sales shot up. The experts opine that the rise in car sales took place due to summer. Most of the people in India doesn't like to commute on public transport that will be packed with people, which often leads to too much sweating and suffocation. To avoid this, even middle class people even switch to cars by availing attractive car loans that are being offered by many banks.
The Society of Indian Automobile Manufacturers (SIAM) released a report on June 1. The report states that as many as 1,63,229 cars were sold in the month of May. In fact, in March the rise was just 2.2 per cent. So, compared to March, the sales were high in May and also came as surprise to many automakers.
(Phani)
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