General Motors India sales fell to 4,320 vehicles in February from 5,607 units the previous year.

“The discontinuation of excise duty benefits has impacted the industry during the last two months. Even the budget announcements are not enough to revive the consumer sentiment,” said P Balendran, vice president, General Motors India.

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“Going forward, car sales will be driven mainly by new entries and we expect the market to gain momentum only if interest rates are reduced in phases to facilitate consumer spending since over 85% vehicles are purchased through financing,” he added.

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