NEW DELHI: Rising fuel prices didn’t put the brakes on the recovery in car sales, but industry executives warned that a continued rise in petrol and diesel prices could impact sentiment soon.
“The rising preference for personal mobility is still driving car sales and we saw that in the monthly sales numbers of February. However, there is likely to be an impact if fuel price continues to rise,” said Naveen Soni, senior vice-president of Toyota Kirloskar Motors (TKM), report agencies.India’s largest carmaker, Maruti Suzuki, on Monday reported a 9.9 per cent year-on-year (YoY) growth in domestic wholesale to 147,483 units in February. The automaker also replenished inventory at dealerships after improved sales during the December quarter (Q3). Its factory dispatches improved sequentially as well from the 142,604 units recorded in January.
Mahindra & Mahindra (M&M) on Monday reported an 11.38 per cent decline in total sales at 28,777 units in February.