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Car sales at 11-yr low ,

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SIAM CUTS CAR SALES TARGET TO 1-3% FROM 9-11%

Domestic passenger car sales in September grew the slowest in 11 years. Though Utility Vehicle sales continued to zoom, sales of hatchbacks and sedans were in a slow lane. In September, domestic sales fell 5.4%, the second consecutive monthly decline, while motorcycle segment dipped 18.85%. Society of Indian Automobile Manufacturers (SIAM) cuts future targets drastically. Now, passenger cars would grow by as low as 1-3%, a huge drop from July's forecast of 9-11% and the total market growth is pegged at 8-10% as against previous forecast of 11-13%. SIAM also said that as of now the industry is short of a whopping $34 billion of its 2016 target of $145 bn.

Source : First Post

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