2012 rough year for auto sector in India
The Year 2012 opened with much hope and expectation for the auto industry in the country. It commenced with the 11th Delhi Auto Expo at…
New and interesting products were launched such as the Maruti Suzuki Ertiga and Renault Duster along with M&M Quanto and GMâ€™s Sail U-VA but as the year progressed, sales dipped in almost all segments which resulted in the Society of Indian Automobile Manufacturers (SIAM) to revise growth projection twice during the year. As SIAM had earlier predicted a 9 to 11 percent sales growth, it was forced to reduce it to just 1 to 3% in October this year.
Sales of cars this fiscal stands at just 12,40,688, up 1.28% as compared to sales in the same period in the previous year. While manufacturers had hopes for the festive season to witness a recovery, their hopes were dashed as in fact, there was a decline in demand to the tune of 8.25% during the month of November.