According to data released by the Society of Indian Automobile Manufacturers (SIAM), overall sales by auto companies in India rose by 46 percent in October 2010, compared to sales in October 2009. Passenger car sales jumped 38 percent to 1.82 lakh units, with Maruti Suzuki and Hyundai Motor posting a 45 percent and a 22.4 percent increase in sales, respectively. Tata Motors too grew by 20 percent in the same period.
The Director General of SIAM, Mr Vishnu Mathur, said that the record increase in sales was due to positive market sentiment and increased demand in the festive season, increasing purchasing power and easy liquidity in the system. Two-wheeler sales in October 2010 grew by 50 percent, while Commercial Vehicle (CV) sales rose by 20 percent. Three-wheeler sales too grew by 25 percent. Total exports in the month went up by 30 percent, though exports to European countries remained low.