General Motors India today reported a 36.56 per cent decline in sales at 3,619 units in December. It had logged sales of 5,705 units in the same month of 2013.
General Motors India Vice-President P Balendran said: “Demand continues to remain suppressed on account of high interest rates and weak economic fundamentals. The withdrawal of excise duty benefits is also a big jolt for the automobile industry.”
He added: “We don’t see any positive movements in the short-term unless the Government comes out with some big-ticket announcements in the upcoming Budget to revive consumer sentiment.”
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.