August has turned out to be a month of mixed trends for automobile sales in the country. While Kerala floods and similar situation in several other parts of the country facilitated very small single-digit growth in passenger vehicle segments, commercial vehicles saw a robust growth of nearly 30 percent. According to SIAM’s data for the month, the commercial vehicle sales in August stood at 84,668 units as against 65,350 units in the same month last year.
“The growth momentum continued in the LCV (Truck) segment too, which witnessed a growth of 32% in unit sales in August. Strong consumption-driven demand, investments in express cargo segment and rural recovery are driving demand for LCVs besides improved financing environment,” commented Shamsher Dewan, Vice President & Sector Head – Corporate Ratings, ICRA.