India car sales fall for eighth month in a row
India recorded an eighth successive month of falling car sales yesterday, with June seeing a 25 per cent decrease, adding to a multi-day slump in Indian stocks. Industry data showed passenger vehicle sales falling 17.5 per cent last month year-on-year to 225,732 units, with domestic car sales off 25pc.
Sales of motorcycles dropped 9.6pc to 1.1 million, according to figures from the Society of Indian Automobile Manufacturers (SIAM) quoted by the Press Trust of India. The slide has been blamed on weak consumer sentiment in Asia’s third-biggest economy, with growth slowing in recent quarters and falling behind that of China.
The slump in demand has forced carmakers to halt production, with Mahindra & Mahindra shutting down its plant for 13 days in June.