New Delhi, 4 October (IANS). India’s two -wheeler manufacturers recorded a 9 percent increase in sales on an annual basis due to the demand for the festive season after GST reform in September, crossing the figure of 2 million vehicles.
The central government has reduced the tax rate from 28 percent to 18 percent on motorcycles up to 350 cc.
Giving information, the country’s largest two -wheeler manufacturer Hero MotoCorp said that the wholesale sales of the company increased by 5 percent to 647,582 units, while its registration increased by 19 percent to 323,230 units.
The second largest company Honda Motorcycle and Scooter India (HMSI) performance was the weakest among other competitors. The company’s sales increased by 3 percent to 505,000 units. The company did not give information about the reasons for slow growth.
Chennai -based TVS Motor Company sold 4,13,000 units, registering a 12 percent increase in sales due to a strong demand for scooters. Pune -based Bajaj Auto sales increased by 5 percent to 2,73,000 units.
Royal Enfield, owned by Eicher Motors, recorded the fastest jump in sales in September, with sales 43 percent to 1,13,000 units.
According to analysts, the beginning of the month was sluggish due to the Shraddha period, considered inauspicious for shopping, but the beginning of Navratri and relief in GST recorded a rapid increase in demand in the last week.
Meanwhile, according to a recent report by Axis Securities,. The September sales figures of the Indian automobile industry have seen mixed trends, where there was a good increase in sales of two-wheeler, three-wheeler, commercial vehicles and tractors, while the sales of passenger vehicles declined annually.
The sales of domestic two -wheelers in the two -wheeler/three -wheeler segment increased by 6 percent on an annual basis and 18 percent on a monthly basis.
-IANS
SKT/
