Correction: In the ICIS story headlined "India November vehicle sales grow 11.0% on year; production up 2.7%", dated 11 December 2020, please read in the headline ... sales grow 9.8% on year; production up 1.7% … instead of ... vehicle sales grow 11.0% on year; production up 2.7% .... The Society of India Automobile Manufacturers (SIAM) officially revised its entire November vehicle data. A corrected story follows.
SINGAPORE (ICIS)--India’s total vehicle sales in November increased by 9.8% year on year to 1.89m units, while production grew a more moderate 1.7% to about 2.3m units, industry data showed.
Two-wheelers accounted for more than 84% of both sales and production for the month, according to data from the Society of Indian Automobile Manufacturers (SIAM).
“We have witnessed an increase in wholesale numbers in the month of November, where passenger vehicles grew by 4.65% and two-wheelers by 13.43% over the corresponding month of last year, primarily on account of the festive season,” SIAM director general Rajesh Menon said in a statement.
India celebrated Diwali, or the Hindu Festival of Lights, in November this year.
“While the festive season brought back some fervour in specific segments, the overall economic scenario would determine the industry’s performance going forward,” Menon said.
In April-November 2020, the first eight months of India’s fiscal year, total passenger vehicle sales were down 21.7% year on year, while production fell 29.7%, SIAM data showed.
A prolonged lockdown implemented to contain the coronavirus pandemic has plunged the giant emerging economy into a deep recession.
As of 10 December, India has the second higher number of infections in the world at about 9.8m, with more than 141,000 deaths, according to the World Health Organization (WHO).
The automotive industry is a major global consumer of petrochemicals, which account for more than a third of the raw material costs of an average vehicle.
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