Indian auto industry sales reached highest ever in the month of January. According to the Society of Indian Automobile Manufacturers (SIAM), over 11 lakh units were sold in January. The sales were mainly driven by easy availability of retail finance and lower interest rates. Compared to last January 2009 sale of 7, 68,698 units, this year the auto industry witnessed sales of around 11, 14,157 units, an increase of 44.94 percent.
Domestic passenger car segment saw a growth of 32.28 percent compared to last year. Previous highest ever sales was in October 2006 with sales going up to 10, 17,198 units. In January most of the manufacturers reported record breaking sales including Maruti Suzuki, Hyundai Motor, General Motors and Mahindra & Mahindra. This month sales will depend on number of factors such as pent up demand, price rise and so on. But the trend is expected to spill over this month and the sales are expected to be good.
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