India's Auto Industry records highest Sales for May.
The Indian auto industry sold 12,08,851 units last month, a record sale for the month of May, fuelled by an improved economy and an increase in consumer spending.
According to Society of Indian Automobile Manufacturers (SIAM), the total sales for all categories stood at 12,08,851 units as against 9,29,917 units for the corresponding period an year-ago. The 30 per cent rise in sales is in contrast to the usual trend of lower volumes in May.
"Last month’s figures were the best ever sales for the month of May in almost all categories... Our economy is growing very rapidly. The per capita income has almost touched USD 1,000 and that’s a magical figure, which is the threshold for automobile demand," SIAM Director General Vishnu Mathur said.
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