Car sales in India fell 8.25% year on year in November, the first time in more than a decade that the passenger car market has declined for two consecutive years in the country’s festive season.
High interest rates, rising fuel prices and the overall economic slowdown have affected sales, analysts said.
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The decline also came against the backdrop of a number of new or refreshed models from automakers including market leader Maruti Suzuki, Chevrolet, Ford, Volkswagen and Toyota which were unveiled just ahead of the Diwali festival.
However, the overall vehicle market, with utility vehicles added, grew 3.86% in November and for the April-November period, the cumulative passenger vehicle sales grew 9.62%.
