New Delhi: Maruti Suzuki, India’s top car maker, expects to post single digit sales growth this fiscal year, its chairman said on Friday, adding he expects the Indian car market to revive after two to three months.
“If you ask me, we will not reach a double-digit,” chairman R. C. Bhargava told reporters, referring to both Maruti and the India car sector.
Car sales in India fell 16% in July, their first drop in two-and-half years, as rising interest rates and fuel prices force customers to tighten their purse strings in the world’s second-fastest growing major auto market after China.
Maruti, which sells nearly half of all passenger cars in India, posted a record 25% slump in July sales. Maruti is 54.2% owned by Japan’s Suzuki Motor.