Passenger vehicles July sales worst in 20 years

Top passenger vehicle makers post worst July sales in two decades. The vehicle makers claim low demand owning to the credit squeeze, rising insurance costs and economic uncertainties. Maruti’s domestic passenger vehicle sales in July were down 37% from last year. Second-ranked Hyundai Motor India Ltd post 10% drop. Mahindra and Mahindra Ltd. total sales fell 16%. Passenger vehicle sales have now declined 9 months in a row.