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INDIA
Gloom descends on India
India’s carmakers shivering in grip of domestic economic downturn
Published: Tue, 03 Sep 2013 20:44:15 GMT
 

India traffic 2013 motorbikes Goa

Despite reports of bright burning incentive fires, with anxious carmakers desperate to lower their high stockpiles of unsold new cars, India saw the 9th successive fall in new car sales in July.

Once ranked as one of the world’s fastest growing car markets India appears to have hit the slippery slope in a big way. 

When judged from the poor underlying sales trend, India’s recession-gripped car market is heading for the first fall in more than half a dozen years of expansion following a doubling in annual sales to last year’s 2.03 million units. 

India’s deteriorating car sales picture, echoed by yet another 8.6 per cent dip in July, has sparked a further downward revision for this year’s car sales expectations. 

Some analysts, for the current year, now expect full year sales to fall by between 6 to 12 per cent, resulting in a near equally gloomy outlook for this year’s car production prospects
...more

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