There were only 1,13,899 cars sold in January 2008 in India as compared to 1,04,501 in January 2007. As per data released by the Society of Indian Automobile Manufacturers (SIAM), new car sales in the domestic market may have improved comparatively to last year, but it is slower than what the manufacturers expected. However, auto analysts say that most people are awaiting the launch completion of the various new and upcoming cars coming to India accompanied by cheaper interest rates. This is bound to make car sales go up over the next few months.
“The last few months have seen muted sales and the trend may continue unless new vehicles are introduced and finance issues are tackled,” said Dilip Chenoy, SIAM's Director General.
India’s top car makers Maruti Suzuki India and Tata Motors saw a marginal fall in car sales in Jan this year. A Kotak analysis reported that even “The two-wheeler space continues to bleed as Bajaj, Hero Honda, and TVS have all recorded a negative growth trend”.