New Delhi: The New Year failed to ring in cheers for the automobile industry with the overall domestic vehicle sales in January witnessing a dip of 7.67 per cent at 8,29,569 units as against 8,98,444 units in the same month last year.
According to Society of Indian Automobile Manufacturers (SIAM), domestic passenger car sales rose 8.99 per cent in January, while the two wheelers continued the downhill ride with 10.96 per cent decline in comparison to the corresponding month last year.
Domestic passenger car sales in the country stood at 1,13,899 units as against 1,04,501 units in the same month last year, it said.
The growth leader in car segment during the month turned out to be Korean car maker Hyundai, whose newly launched hatchback 'i10' did well to boost the company's overall sales by 39.22 per cent at 24,296 units as against 17,452 units.
Car market leader Maruti Suzuki India, however, had almost a flat month registering sales of 54,366 units as against 54,372 units in the same month last year.
General Motors India had an over two-fold increase in sales with its hatchback 'Spark' continuing a good run. The company's overall sales stood at 4,030 units as against 1,665 units last year.
Industry experts pointed out that the overall automobile industry continued to decelerate with high interest rates and finance availability continuing to be major issues.
"Wherever financing and assessment of credit worthiness of an individual is involved, the segments are badly hit as financial institutions have really imposed strict criteria," SIAM Director General Dilip Chenoy said.
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