Car sales grew at 32 per cent in January over the like period last year with financiers providing cheap loans to attract customers, says a Society of Indian Automobile Manufacturers (SIAM) report Tuesday.
Sales in the domestic market increased to 145,905 units compared to 110,300 vehicles a year ago, while motorcycle sales grew at a faster 43.6 per cent to touch 650,633 units in January.
Heavy commercial vehicles manufacturers sold 131 per cent more buses and trucks during the first month of the year to 53,447 units. Commercial vehicles sales are an indicator of economic activity across the country.
'The New Year brought in robust sales for all the auto majors across segments, as new launches, upbeat consumer sentiment and benign interest rates played well,' said a research note from equities broking firm Angel Broking.
More India business stories | Get the latest Sensex update
'Sales Volumes for most players showed no signs of tapering off (as the low base effect fades), and clocked a healthy growth on a year-on-year and month-on-month basis,' the note added.
