Market Report, "India Autos Report Q1 2014", Published
According to the Society of Indian Automobile Manufacturers (SIAM), auto sales in September 2013 fell 9.8% year-on-year (y-o-y), to 267,711 units. Although the sharp declines in passenger vehicle sales (includes passenger car, utility vehicle and van sales), which we saw in early 2013, have been staunched in Q313 due to base effects, we highlight that the sector still faces challenges for the rest of 2013. We forecast total vehicle sales to decline 4.6% in FY2013/14 (April-March), to 3.3mn units.
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