Discounts galore but India car sales stagnant
Auto manufacturers in India are offering heavy discounts, attractive freebies and a host of attractive offers in the hope of attracting buyers back into showrooms….
Auto manufacturers in India are offering heavy discounts, attractive freebies and a host of attractive offers in the hope of attracting buyers back into showrooms. All these, though eye catching have failed to boost December sales with most auto companies registering decline in sales during the month. The entire year was once of diminished sales following higher interest rates, escalating fuel prices and an otherwise insecure economy. The festive season of Dusshera and Diwali failed to attract the regular spate of customers into showrooms while the year ended on a rather dismal note.
Hyundai Motors India recorded a 9.6% YoY decline in sales with only 26,697 units sold in December. The same story was reiterated by Toyota Kirloskar Motors which suffered a 24% dip in December sales. The company sold 12,071 units in December 2012 as against 15,948 units in December 2011.
General Motors sales dropped by 21% during December 2012 to 7,067 units as compared to 9,039 units in December last year. The market continues to remain low and the only ray of hope is expected in the form of a good Union Budget which is expected to showcase steps to an economic recovery.