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India’s Car Market Outlook Cut After 5% Sales Drop
Demand for passenger cars in India, which fell 19% in August, slid to 157,500 units in September compared with 166,500 units a year earlier, the Society of Indian Automobile Manufacturers reports.
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Demand for passenger cars in India, which fell 19% in August, slid to 157,500 units in September compared with 166,500 units a year earlier, the Society of Indian Automobile Manufacturers reports.
Sales of commercial vehicles was flat at 70,700 units, as a 12% gain to 44,200 light commercial vehicles was offset by a 15% drop to 26,500 medium- and heavy-duty trucks.
SIAM has slashed its forecast for sales growth in the fiscal year ending March 31, 2013, to 1% to 3% from its previous prediction of as much as 11%. The group originally expected demand to jump as much as 12% to 2.3 million units in the current 12-month period.
SIAM attributes India's sales declines in September to waning consumer confidence, rising fuel costs and higher interest rates. Market leader Maruti Suzuki boosted sales 3% to 69,000 vehicles. But demand fell 18% to 17,000 units at Tata Motors and 15% to 30,800 units at Hyundai. Ford, General Motors and Toyota also reported declines.
In the first six months of the fiscal year, car sales have slipped 0.3% year over year to 909,000 units.
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