Car makers to revisit sales targets | autos | Hindustan Times
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Car makers to revisit sales targets

A declining market coupled with poor festive sales has forced the automobile industry to go back to the drawing boards and take a re-look at their sales targets for the fiscal, reports HT Correspondent.

autos Updated: Nov 10, 2008 21:53 IST
HT Correspondent

A declining market coupled with poor festive sales has forced the automobile industry to go back to the drawing boards and take a re-look at their sales targets for the fiscal.

The Society of Indian Automobile Manufacturers (SIAM) will host a brainstorming session with the biggies of the industry and revise growth targets for the current fiscal. SIAM has officially set a growth target of 8-10 per cent during the year.
Passenger car sales declined by 6.6 per cent in October to under 1 lakh units this year, while two wheeler sales slid by 14.5 per cent and commercial vehicles by 35.9 per cent during the month. Overall domestic sales declined by 14.42 per cent.
“Whatever rate cuts have happened is sufficient to cater to commitments made earlier and for interest rates to actually start coming down, we need more liquidity,” Dilip Chenoy, director-general, SIAM, said.