Car sales up 9.53%, passenger vehicles up 16.68% in Aug: SIAM
The Dollar Business Bureau Things seem to be looking good for the automobile industry in India. The Society of Indian Manufacturers (SIAM) released optimistic growth figures of car and passenger vehicles sales in August. According to SIAM, Domestic passenger vehicle sales grew 16.68% to 2,58,722 units in August from 2,21,743 units in the same month last year. Car sales were also up by 9.53% to 1,77,829 units as against 1,62,360 units in August last year. Motorcycle sales also jumped last month by 22.19% to 10,05,666 units as against 8,23,051 units a year before. In all the two wheeler segment sales in August grew 26.32% to 16,48,883 units compared with 13,05,248 units in the same month a year ago. The sales of commercial vehicles rose by 1.53% ...
Auto components industrys turnover grows by 8.8%
The Dollar Business Bureau With the automotive industry on the trajectory of growth in financial year 2015-2016, registering a growth of 7.24%, the auto components industry also witnessed an increase in turnover by 8.8% to Rs. 2.55 lakh crore. With the continuing recovery and hopes on monsoon, the turnover is likely to climb to 10-12%, said Arvind Balaji, President of Automotive Component Manufacturers Association of India an apex body which represents the interests of the Indian Auto Component Industry. In fiscal year 2015-2016 the components industry grew by 8-9% and the target for the ongoing fiscal year is to achieve growth of 10-12%, he said. Reiterating the importance of monsoons, he said, that the first two months of the ongoing fiscal 2016-2017 have been ...
Huge potential to grow Indian auto component exports to China: ACMA
Bidhu Bhushan Palo | The Dollar Business China accounts for over 20% of India's auto components imports compared to just 3% of India's auto components exports Rising wages in China and ongoing improvements in design and value addition by Indian auto component manufacturers present an opportunity to boost exports to China, according to the Automotive Component Manufacturers Association of India (ACMA), the apex body of the Auto Component Industry in India. In a study, “Export Opportunities for Made-in-India auto components for China”, ACMA says that there are export opportunities for Indian auto component manufacturers estimated at $20 billion for auto components to select OEMs in China. The study focussed on understanding the buying behaviour and the market dynamics of ...
