SIAM reports auto industry will miss all growth targets

Discussion in 'Indian Automotive Scene' started by Car Lover, Feb 18, 2013.

  1. Car Lover

    Car Lover New Member

    Oct 5, 2012
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    It seems that the growth bubble of the Indian automobile industry is about to burst. As per SIAM reports, the industry produced 1,840,858 vehicles in January 2013, a growth of just 8.04% over 1,703,926 vehicles in January 2012. The cumulative production growth for the period April-January 2013 is at a meagre 2.76% over the same period last year.
    Passenger vehicles are the most hit in January 2013 with the total passenger vehicles sales declining by -4.62% over the same month last year. Passenger cars posted a decline of -12.45% in sales for January 2013 over January 2012. This thwarts the forecast that SIAM predicted earlier where cars were estimated to grow 0-1% for January 2013 and the overall passenger vehicles segment was predicted to grow 7-10%.
    With the forecast of the industry growth dropping well below the expected targets, experts believe that the plunge in sales will continue unless there are some drastic measures taken by the government and car companies to revive the sales. The upcoming 2013 Budget should hold some answers.

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