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Indian Car Sales Slowest In June: SIAM
India the world's second-fastest growing auto market has seen some tumultuous moments in June. Major Indian carmakers saw their sales decline. Maruti Suzuki, which controls over half the car market saw its sales dip by 8.8 per cent. Tata Motors also reported its passenger car sales were down. The Tata Nano, the world's cheapest car, saw its sales tumble down by 29 per cent.
Car sales were pushed up by India's ambitious middle class which is increasingly reliant on bank loans. The Reserve Bank Of India increased lending rates to control inflation and this has completely dampened car sales. The Central Government has increased fuel prices a many as seven times within the past one year.
The Society of Indian Automobile Manufacturers (SIAM) has revealed figures on Monday according to which Indian carmakers sold 143,370 cars in June. This is the slowest month since March 2009.
While car sales are slowly declining, sales of trucks and buses have increased consistently. Truck sales are a key indicator of economic health and sales increased 17.8 percent to 62,009 vehicles in June.
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