Car sales fall 1.71 percent in JulyAugust 11th, 2008 - 6:22 pm ICT by IANS
New Delhi, Aug 11 (IANS) Domestic passenger car sales declined 1.71 percent to 87,724 units in July - the first decline in about three years - a report of the industry trade body released Monday said. Dilip Chenoy, director general of the Society of Indian Automobile Manufacturers (Siam), attributed spiralling operational costs and credit crunch due to interest rate hikes to the fall in sales.
Car sales had grown 6.1 percent in June and 14.3 percent in May this year. “India last saw a contraction in sales in June 2005,” Chenoy said.
However, two-wheeler sales showed an upswing of 19.47 percent selling 599,369 units as compared to 501,691 units last July, with the motorcycle segment alone contributing 21.91 percent to the growth.
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