India August vehicle production grows 16.1%; sales up 23.7%

08 September 2016 08:51 Source:ICIS News

SINGAPORE (ICIS)--India’s total vehicle production in August rose by 16.1% year on year to 2.31m units, with domestic sales up by 23.7% at 2.01m units, industry data showed on Thursday.

Two-wheelers accounted for 79.8% of the total production and 82% of overall sales, according to the Society of Indian Automobile Manufacturers (SIAM).

Production of passenger vehicles in August grew by 9.99% year on year to 324,599 units, with sales up 16.7% at 258,722 units and exports rising by 27% at 75,483 units.

The automotive industry is a major global consumer of petrochemicals which contributes more than a third of the raw material costs of an average vehicle. ICIS tracks the movement of petrochemical raw material costs in auto production both globally and regionally with the weighted ICIS Basket of Automotive Petrochemicals (IBAP).

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By Nurluqman Suratman