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India car sales post steepest half-year drop in decade

India's car sales fell nearly five percent year-on-year in the first half of the financial year due to the weak economy, the steepest drop in a decade, data showed Tuesday. The figures from the Society of Indian Automobile Manufacturers (SIAM) indicated the once-booming sector is on track for a second year of declining sales. "We'll be lucky if we start coming close to zero growth in passenger car sales," SIAM president Vikram Kirloskar told reporters.

India car sales post steepest half-year drop in decade

India's car sales fell nearly five percent in the first half of the financial year, the steepest drop in a decade, as buyers steered clear of showrooms due to a weak economy, data showed Tuesday. The sales performance released by the Society of Indian Automobile Manufacturers (SIAM) appeared to put the once-vibrant sector on track for a second straight year of declining sales. "We will be lucky if we start coming close to the zero growth level in passenger car sales," SIAM's new president Vikram Kirloskar told a news conference.

Indian car sales jump 15% but sector still seen in decline

India's car industry sales rebounded by 15 percent in August on a monthly basis, data showed Tuesday, but the industry still expects to contract in 2013/14 for the second year in a row. Carmakers sold 133,486 cars in India in August, up by 15.4 percent from the same month in 2012, snapping a record nine months of declining sales, the Society of Indian Automobile Manufacturers (SIAM) said. But the increase came off a low base due to weak output in the same month in 2012 caused by the temporary shutdown of a key car manufacturing plant.

India car sales slide for ninth straight month

India's car sales slid by over seven percent in July, marking a record ninth straight month of decline, industry data showed Monday, as an economic slump and high borrowing costs discouraged buyers. Carmakers sold 131,163 cars in India last month, down 7.4 percent from the same month in 2012, the Society of Indian Automobile Manufacturers (SIAM) said. The car market, seen as an important guide to India's overall economic health, has recorded a fall in sales for an unprecedented nine consecutive months.

India May car sales slide by 12% due to weak economy

Car sales in India slid by over 12 percent in May from a year earlier, data showed Tuesday, the seventh straight month of decline in the once booming market as a slowing economy dragged down demand. "Economic weakness is weighing on demand," said Sugato Sen, senior director of the Society of Indian Automobile Manufacturers (SIAM). Domestic passenger car sales, seen as a pointer to overall economic health, fell 12.26 percent to 143,216 in May from May 2012. SIAM blamed high borrowing costs and worries over a sharp slowdown in the economy.

India car sales shrink for first time in decade

India’s passenger car sales shrank for the first time in a decade, falling 6.7 percent in the year to March, hit by a slowing economy and high interest rates, a top industry body said Wednesday.Passenger car sales in the once-booming market fell to 1.89 million units in the financial year to March, from 2.43 million the previous year, the Society of Indian Automobile Manufacturers (SIAM) said in a statement.

India car sales shrink for first time in decade

India's once red-hot car market shrank for the first time in a decade in the last financial year, industry figures showed Wednesday, underlining the scale of the slowdown in Asia's third-biggest economy. Passenger car sales fell by 6.7 percent in the financial year to March 2013 to 1.89 million units compared with from 2.03 million the previous year, the Society of Indian Automobile Manufacturers (SIAM) said in a statement.

India car sales shrink for first time in decade

India's passenger car sales shrank for the first time in a decade, falling 6.7 percent in the year to March, hit by a slowing economy and high interest rates, a top industry body said Wednesday. Passenger car sales in the once-booming market fell to 1.89 million units in the financial year to March, from 2.43 million the previous year, the Society of Indian Automobile Manufacturers (SIAM) said in a statement. Sales in March alone plunged 22.5 percent year on year, SIAM said.

CORRECTED: India car sales shrink for first time in decade

India's passenger car sales shrank for the first time in a decade, falling 6.7 percent in the year to March, hit by a slowing economy and high interest rates, a top industry body said Wednesday. Passenger car sales fell to 1.89 million units in the financial year to March 2013 from 2.03 million the previous year, the Society of Indian Automobile Manufacturers (SIAM) said in a statement. Sales in March alone plunged 22.5 percent year on year, SIAM said.

India car market shrinks for first time in decade

India's once red-hot car market contracted for the first time in a decade in the year to March, sliding 6.7 percent, a top industry body said Wednesday. Passenger car sales fell to 1.89 million units in the financial year from 2.43 million the previous 12 months, the Society of Indian Automobile Manufacturers (SIAM) said in a statement. pmc/adp/dan
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