Automobile growth (see table below) has come to an end. According to Society of Indian Automotive Manufacturers (SIAM) figures, total December sales stood at 597,622 units, down 18% on 730,603 units year previous.
Eroded demand
Banks tightening loans and a slowing economy have eroded demand, leading to car sales falling in five out of six months during second half of 2008.
Decline was headed by commercial vehicles segment, with sales totalling 17,920 units versus 42,961 - down 58% - on December 2007.
Passenger car sales relatively robust
Passenger car sales were relatively robust - down 7%, rather than a predicted 15% - at 82,105, compared to year previous sales of 88, 272 units. Two wheeler sales were down 15% at 461,302 compared with 545,485, December 2007.
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