Despite concessional finance offered by the Korean car maker, Hyundai Motors India (HMIL), the second largest passenger car manufacturer in the country, saw its sales grow only 4.8% in April over the same month last year. Hyundai sales had grown by 13% in April 2006 over the same month in 2005. HMIL added only 721 vehicles to its kitty selling 15,728 units in April 2007 as against 15,007 units sold in April last year. The company had offered its flagship model Santro at a concessional interest rate of 8.99%. The cumulative sales (including exports) for Santro stood at 22,550 units in April.Arvind Saxena, vice-president (marketing and sales), HMIL, said: "The increase in the interest rate has had its impact on demand, but we took the timely measure of introducing a special scheme of 8.99% on Santro. The option of cheaper finance helped us in keeping the momentum and consolidate our position as the second largest passenger car manufacturer in India."
