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INDIA |
 May sees 12% drop in car sales, no recovery sign sighted after 7 successive months of tumbling sales Since the middle of last year, sales of passenger cars in India have been on a downward trajectory, keeping this year’s market on track for the lowest annual car sales since 2009, a far cry from the 2.2 million plus sales still pencilled in for this year by some double-digit dreamers less than a year ago. The seventh successive fall, with figures showing a 12 per cent drop in May, is testament to the now widely shared view that India’s passenger car market has gone stone cold, dragged down chiefly by the slowest economic growth for almost a decade. Almost halfway through the current year, following seven successive months of tumbling new car sales, this year’s sales are already running well below some earlier optimistic projections MORE LIKE THIS: Rethink on car tax spurs rebound in Brazil’s car market 04 Jun 2013 China’s car market lost little fizz since start of this year 30 Apr 2013 India’s tiger no longer roars 30 Apr 2013 DATA
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