“Despite offering various schemes on purchase of every car, market continues to remain depressed on account of various negative factors including high interest rates and poor economic conditions,” said P Balendran, vice president, General Motors India. “If the macro economic uncertainties continue, the market is not expected to turn around in the short term.”
Two-wheelers fared no better. Market leader Hero MotoCorp registered almost flat sales, while TVS saw a 10% decline. Mahindra and Mahindra, Honda and Ford managed to buck the trend.