India(TM)s automaking association doubled its forecast for car-sales growth this fiscal year as rising incomes and new models prompted drivers to buy a record number of vehicles for a third straight month. Car sales may gain about 23 percent in the year ending March, compared with the 12 percent growth predicted in July, the Society of Indian Automobile Manufacturers said today.

Sales rose 30 percent to 169,082 units in September, the group said. Maruti Suzuki India Ltd., the nation(TM)s biggest carmaker, Ford Motor Co. and Toyota Motor Corp. are introducing new models and adding capacity as expansion in Asia(TM)s second-fastest growing major economy stokes demand. Bayerische Motoren Werke AG also this week said it will invest $50 million in a financial services unit in India. Companies have realized there is good demand and their priority is to raise production capacity, said Puneet Gupta, principal analyst at IHS Automotive in Gurgaon, near New Delhi. [Read the full article]

Russian sales of new cars rose in September, the Association of European Businesses in Russia said. The association will release detailed sales data later today, said Svetlana Guzeeva, a spokeswoman for the industry group, by phone in Moscow. Russian sales of new cars rose in September, the Association of European Businesses in Russia said. The association will release detailed sales data later today, said Svetlana Guzeeva, a spokeswoman for the industry group, by phone in Moscow. [Read the full article]

MUMBAI (TheStreet) -- India loves small cars -- very small cars -- and automakers love India. What automakers love are the bodacious growth opportunities. For instance, auto sales in India in 2009 totaled 1.43 million, or about a tenth of the total in China. Another favorite stat: Just 11 out of every 1,000 people in India own a car. Among the companies poised to grow is Ford(F), which holds just a 1.4% market share there. So it's not surprising that Ford recently reported a 237% sales increase in India from April through September, the first half of the current financial year. Ford sales totaled 47,902 vehicles. The company is benefitting from sales of its Figo, launched in March. In September, Ford India sales rose 146% to 8,380 vehicles. Meanwhile, General Motors, whose Chevrolet brand has been in India for seven years, said its September sales rose 13% to 8,617 units, led by 2,730 Chevrolet Beats. Its Chevrolet Cruze sold 847 units. [Read the full article]