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Maruti Suzuki Predicts India Sales Revival
Maruti Suzuki India Ltd. predicts that India’s slumping car market will revive in October-December after nine consecutive months of contraction.
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Maruti Suzuki India Ltd. predicts that India’s slumping car market will revive in October-December after nine consecutive months of contraction.
The company, which controls about half the Indian passenger vehicle market, tells reporters its optimism is based on an increase in the number of sales inquiries being received by the company’s dealers.
Maruti Suzuki also is leading an industry plea for a special reduction in the general sales tax on cars to 18% from 28%. Executives note that tax cuts have helped restore India’s new-car market in the past.
Overall new-car sales in India plunged 19% in the fiscal first quarter ended June 30 and dropped 11% in July. The slump has been driven by tighter credit, climbing unemployment, rising fuel prices and slumping farm incomes.
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