General Motors India has sold a total of 4,667 vehicles in January 2015 against 5,557 units sold in the corresponding month last year.
“The withdrawal of excise duty benefits has significantly affected demand during the previous month. High interest rates and weak economic fundamentals continue to put pressure on car purchases,” said P. Balendran, Vice President, General Motors India.
“The sector’s turnaround is possible only if interest rates are reduced in phases and government announces big-ticket reforms in the upcoming budget to revive the consumer sentiment. These steps will support sustainable long-term growth for the automobile industry,” added Mr. Balendran.
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