Arab Today, arab today india\s july car sales plunge most in nearly 3 years
Last Updated : GMT 14:30:43
Arab Today, arab today
Arab Today, arab today

India\'s July car sales plunge most in nearly 3 years

Arab Today, arab today

Arab Today, arab today India\'s July car sales plunge most in nearly 3 years

New Delhi - Arabstoday

Indian car sales slid almost 16 percent in July from a year ago, their biggest drop in nearly three years, as steep borrowing costs kept buyers out of the showrooms, data showed Wednesday. Indian car sales -- viewed as a barometer of overall economic health -- plunged to 133,747 units from 158,767 in the same month last year, the Society of Indian Automobile Manufacturers (SIAM) reported. Rising sticker prices on the back of steeper commodity prices, higher fuel costs and 11 central bank interest rate hikes since March 2010 to tame near double-digit inflation have combined to hit demand, SIAM said. \"People want cars, they want mobility, but they may be postponing their purchases hoping interest rates will go down,\" SIAM director general Vishnu Mathur told reporters. The Indian drop was the sharpest since November 2008 when sales fell over 19 percent as countries worldwide were buffeted by the global financial crisis. India is the world\'s sixth-largest automobile market, surpassing France, Britain and Italy, and is expected to become the third-largest market globally by 2020, says information services firm JD Power and Associates,. The Indian figures came as passenger car sales in neighbouring China, the world\'s top car market, rose by 6.7 percent year-on-year, continuing a trend of modest growth after Beijing ended buying incentives and sought to curb demand to ease traffic congestion in big cities. The sales downturn in India and China comes as global manufacturers such as Ford, Renault-Nissan and GM have been turning to the emerging economic giants to help offset saturated markets in the West.  Mathur said Indian car sales could accelerate with a flurry of upcoming model launches beginning this month and the religious festival season starting in September -- seen as an auspicious time for Indians to make new purchases. \"There could be a pick-up year-over-year but it won\'t be a significant rebound,\" Mahantesh Sabarad, auto analyst at Mumbai\'s Fortune Equity Brokers told AFP. The SIAM executive said the group was sticking for the time being to its projection of a 10 to 12 percent rise in passenger car sales for this year after cutting its forecast once. India\'s car sales grew by a blistering 30 percent to 1.98 million units last year when borrowing costs were lower and an increasingly affluent middle class snapped up new models. Year-on-year sales of motorcycles and other two-wheelers jumped 12.6 percent to 1.06 million units in July as buyers plumped for cheaper transport while commercial vehicles sales climbed 23.70 percent to 84,241. Mathur said the car sector\'s outlook was positive longer term thanks to India\'s highly under-penetrated market. Just one in 10 households in cities and one in 50 in rural areas own cars.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india\s july car sales plunge most in nearly 3 years Arab Today, arab today india\s july car sales plunge most in nearly 3 years

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 01:06 2017 Monday ,20 February

Dubai set to be leader in driverless mobility by 2030

GMT 00:36 2017 Monday ,20 February

Abu Dhabi merges key parking sectors

GMT 11:19 2017 Sunday ,19 February

Syrian Khallouf Trading Company launches two new cars

GMT 10:37 2017 Thursday ,16 February

Motorsport fans encouraged to buy GP tickets

GMT 13:21 2017 Wednesday ,15 February

200 Teslas to join Dubai Taxi fleet

GMT 21:20 2017 Tuesday ,14 February

Tesla brings electric cars to supercar-loving UAE
View News in Arabic - Auto: أخبار السيارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday