It has finally happened: new car sales figures have gone down by 1.71% in July. After three years, the Indian car industry has seen a dip in sales figures. 89,250 cars were sold in July 2007, while India managed to sell only 87,724 cars in July this year. Tata Motors and Honda contributed the most to the slowdown. Factors like inflation, rising rates of fuel and hike in interest rates are the causes of the negative growth.
Tata Motors and Honda Siel Cars India's car sales dipped by 8.9% (12,012 cars sold this July) and 7% (4,006 cars sold this July) respectively. Maruti Suzuki and Hyundai managed to gain despite these hard times. However the growth numbers aren’t as much as one would expect: Maruti reported a growth of 0.1% and Hyundai 0.5%.
