Car sales down 1.71 percent in July

New Delhi, August 12, 2008 : Domestic car sales registered a negative growth for the first time in nearly three years with July sales posting a 1.71 percent decline as compared to the same month last year.

The Society of Indian Automobile Manufacturers or SIAM attributed the decline to rising oil prices, higher interest rates and mainly lack of finance. The availability of finance especially in semi urban and rural areas remains a challenge.

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