Car sales down 1.71% in July

Updated: August 29, 2008 16:08 IST

Domestic car sales registered a negative growth for the first time in nearly three years with July sales posting a 1.71 per cent 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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