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General Motors India, the country's eight largest car market, reported 33% fall in sales in November at 4,157 vehicles as against 6,214 units sold in the same period last year.
“Even though the lower fuel prices are encouraging, the interest rates remain sticky and inflation continues to be high. The outlook remains grim and it is very unlikely that passenger cars will post positive growth this fiscal under the current economic conditions,” said P. Balendran, Vice President, General Motors India.
Discounts are at their peak and sales of diesel vehicles are tapering off as the price differential between the two fuels is dropping sharply. GM is reportedly offering Rs 95,000 discount on the compact hatchback Beat.
"Going by the market scenario, we expect the challenging times to continue till some major announcements take place in the budget to improve customer sentiments,” added Balendran.
