New Delhi, Sep 3
India’s automobile industry showed 2.8 per cent year-on-year (YoY) growth in retail sales in August, with robust performance in the two-wheeler segment, a report said on Wednesday.
Two-wheeler manufacturers increased sales by 2.1 per cent primarily through exports and festive-season inventory buildup on the part of dealers, a report from Choice Institutional Equities said.
Passenger vehicle sales improved marginally by 0.8 per cent, led by a healthy demand for the SUV segment. The three-wheeler sales declined by 2.3 per cent YoY as consumers moved towards electric vehicles.
Eicher Motors reported a 54.8 per cent increase in two-wheeler sales year-on-year, while TVS Motor saw a 30.1 per cent rise, driven by strong demand for premium motorcycles.
Hero MotoCorp increased by 8.1 per cent due to rural recovery, while Bajaj Auto saw a 5.0 per cent rise, supported by a 28.6 per cent surge.