Sales of India's third largest passenger vehicle maker, Tata Motors dipped by 6 per cent at 17,014 units in the recently concluded month of October as liquidity concerns and stringent lending norms adopted by banks impacted growth in the festive season.
However, company officials claimed that the overall numbers of passenger cars sold during the month was better than any other month of the year so far. The company has sold 18,021 units during the same month in the previous year.
Rajeev Dubey, president (passenger car business unit), Tata Motors, said: "The month of October was the best month so far for us in terms of sales."
The Indica range showed a decline of 19 per cent at sales of 9,484 units, despite launching the new Indica Vista two months earlier. The company has clarified that production of the old Indica has been halted.
The Indigo range, with sales of 4,616 units, recorded a growth of 96 per cent over October 2007. Sumo and Safari sold 2,914 units, a decline of 27 per cent compared to October 2007.
"The utility and sports utility vehicle range have been under pressure in the market since the July ad hoc imposition of an additional element of excise duty on vehicles having engine displacement of over 1.5 litre," stated the company in a release.