Friday, 9 December 2011

SIAM sees further dip in car sales, may further cut forecasts

The Society of Automobile Manufacturers (SIAM) has further indicated that the supreme auto body may revise the forecasts and further down grade the growth.

SIAM had earlier predicted the growth at 14-16% during the year which was downgraded to 2-4% few months ago. SIAM Senior Director Sugato Sen further hinted that at the upcoming Auto Expo 2012 the body may further revise the forecasts and as per them, India might not even register 2-4% growth and would finally end up with same number of units sold as per the last fiscal year.

However, we have seen that the trend is now changing and the passenger vehicle market has witnessed a 7% growth in November 2011. We still maintain  a growth of 5% during the year end.


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