Car Sales Jump in India

Nearly all major carmakers reported higher passenger vehicle sales in India last month compared with March 2011. Consumers rushed to buy before an expected price hike, the Society of Indian Automobile Manufacturers says.

SIAM predicts that volume could continue to grow but only if interest rates decline.

Industry leader Maruti Suzuki posted a 3% year-over-year sales gain to 112,800 cars last month. Volume jumped 33% to 23,000 at Mahindra & Mahindra, 23% to 39,100 units at Hyundai and 34% to 37,000 at Tata.

Also posting gains were Toyota (+87% to 18,200 units), Honda (+208% to 11,000), General Motors (+13% to 10,600), Volkswagen (+2% to 8,300) and Nissan (+180% to a record 5,900 units).