India Car Sales Slump 41% as Downturn Deepens

Car sales in India tumbled more than 40 per cent in August as the worst industry slowdown in recent memory deepened, intensifying concern that months of steep declines could spark a full-blown crisis, the Financial Times reported. Passenger car sales for the month came in at 115,000, down 41 per cent from a year earlier, according to the Society of Indian Automobile Manufacturers. That marked the fifth month of double-digit losses, the sizes of which have beaten anything recorded since the turn of the millennium. India’s car industry was once among the world’s most promising, buoyed by hopes that millions of newly middle-class Indians would begin buying vehicles for the first time. That lured foreign carmakers such as Suzuki and Hyundai as well as bolstering homegrown outfits including Tata Motors and Mahindra & Mahindra. Read more