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General Motors India today reported 22.95% decline in sales at 4,320 units in February as against 5,607 units in the same month last year.
Commenting on the performance, General Motors India Vice President P Balendran said: "The discontinuation of excise duty benefits impacted the industry during last two months.
"Even the Budget announcements are not enough to revive the consumer sentiment."
Going forward, car sales will be driven mainly by new entries and the company expects the market to gain momentum only if interest rates are reduced in phases to facilitate consumer spending since over 85% vehicles are purchased through financing, Balendran added.
