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Mumbai: In a sign of cooling consumption, vehicle sales in India, Asia’s third largest market for automobiles, slid in fiscal 2008 as higher interest rates, dwindling vehicle financing and inflation at a three-year high made it hard for consumers to spend on big-ticket items such as cars and two-wheelers.
Turbulent Times (See Graphic)
Overall sales of passenger cars, trucks and two-wheelers dropped 4.7% in the year ended March, according to the Society of Indian Automobile Manufacturers (Siam), an industry body.
Sales of passenger vehicles rose 12.2% to almost 1.5 million vehicles, mostly led by new models such as Hyundai Motor India Ltd’s i10 small car.
Two-wheeler sales bore the brunt of the decline, with sales dipping 8% to 7.25 million units, as higher interest rates and lack of financing played spoilsport for the sector during the year.
In March, however, overall vehicle sales were up 1.8% from a year ago. Passenger cars were up 11% during the month, while......

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Approximate Word Count: 627
Approximate Pages: 3 (250 words per double-spaced page)

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