Car sales crossed over 1.5 lakh in February an increase of 33 percent compared to last year. Fear of withdrawal of stimulus leading to higher taxes, increase in auto interest rates, new emission norms which will further increase car prices are some of the factors which caused the car sales to peak in February. Maruti Suzuki and Hyundai Motor’s posted highest domestic sales in the month of February. In the past 11 months the carmakers reported a 25 percent increase in sales. Around 13.7 lakh vehicles were sold in the last 11 months.
Carmakers have already hiked their priced by 4 percent and is expected to increase further by another 2 to 4 percent because of the emission norms. With the increase in interest rates and recent petrol hike the demand is expected to be moderate in the coming months. The demand is expected from rural areas and other smaller cities.
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