INDIA’S two largest carmakers post strong sales numbers on Sunday, November 1, giving hope to the country’s ailing economy ahead of its festival period.
The country’s biggest automaker, Maruti Suzuki, reportedly sold 182,448 vehicles in October 2020, which is an increase of nearly 19% over the same period last year, despite the company being hit hard in late March by a months-long lockdown.
In fact, business was so bad during that period that the company reported a quarterly loss in July representing the first time that has happened since its listing in 2003.
India’s second-largest carmaker Hyundai said that it also recorded its highest-ever domestic sales last month, selling 56,605 vehicles.
The previous highest monthly sales were in October 2018, when it sold around 52,000 cars.
With the pandemic shutdown leading to pent-up demand, some Indian businesses expect a boost in sales during the country’s largest shopping season, which is spread over the festival period of October and November.
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