New Delhi: General Motors India on Friday reported 7.92% decline in its sales at 7,588 units in January 2013. The company had sold 8,241 units in the same month of 2012, GM India said in a statement.
“The market continues to remain depressed for the automobile sector because of various negative factors, including high interest rates and poor economic conditions. Passenger car segment in January this year is down by 13% compared to January 2012,” GM India vice-president P. Balendran said.
If the current macro economic uncertainties continue, the market is not expected to turn around in the short-term, he added.
“Although there is a positive direction with a small interest cut by the RBI, the market is expected to improve only in the second quarter, that too if we get a growth- oriented budget,” Balendran said.