Tuesday, 10 July 2012

Society of Indian Automobile Manufacturers lowers growth forecast

SIAM Revised Forecasts                Revised forecast                    Earlier forecasted during April 2012
Passenger Car                                 9-11%                                           10-12%
Trucks & Buses                              6-8%                                                  9-11%
2 wheelers                                    11-13%                                          11-13%

An Indian automobile industry body on Tuesday slightly lowered its car sales growth forecast for the year ending next March, as higher costs and slower economic expansion impinge on demand.But the Society of Indian Automobile Manufacturers (SIAM) hoped demand would revive later in the year.Car sales for the current fiscal year are expected to rise 9-11 percent, the group said, lower than the 10-12 percent growth it had forecast in April.

The industry body lowered its sales forecast for trucks and buses, expecting it to rise 6-8 percent over the current fiscal year, lower than the 9-11 percent it had predicted in April. It maintained its sales growth forecast of 11-13 percent for two-wheelers.


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