Automobile sales in India garner steepest half-year drop in decade
AFPNEW DELHI--India's car sales fell nearly five percent in the first half of the financial year, the steepest drop in a decade, as buyers steered clear of showrooms due to a weak economy, data showed Tuesday.
October 9, 2013, 12:07 am TWN
The sales performance released by the Society of Indian Automobile Manufacturers (SIAM) appeared to put the once-vibrant sector on track for a second straight year of declining sales.
The trade body's data showed car sales in September squeezed out growth of 0.7 percent year-on-year to 156,018 units — the highest monthly total since the start of the financial year.
But car sales growth for the six months since April plunged by 4.67 percent from a year ago, the sharpest decline since the first half of 2002-03 when car sales shrank by 6.96 percent, SIAM said.