India's auto industry - weighed down by high interest rates and rising fuel prices - continued to lose speed in December, with car sales recording their sharpest fall in four months and the local association of auto makers cutting its forecast for the fiscal year through March.
The Society of Indian Automobile Manufacturers, which collates data for the industry, Wednesday said that December car sales slipped 12.5% to 141,083 autos -- the biggest percentage drop since a 19% decline in August. It added that it now expects car sales for this financial year to be either flat or to grow 1% from the previous 12 months.
...sales of medium and heavy vehicles have been hit by a moderation in agricultural growth, a drop in mining activity, slowing industrial activity and lower demand from the replacement market.
...sales of medium and heavy vehicles have been hit by a moderation in agricultural growth, a drop in mining activity, slowing industrial activity and lower demand from the replacement market.
http://blogs.wsj.com/drivers-seat/2013/01/09/in-india-car-sales-struggle-against-slow-economy-pricey-fuel/?mod=WSJBlog&mod=WSJ_autoIndustry_Driversseat
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