Much like the rest of the year, the domestic automobile industry signed off 2012 on a low key as consumers refused to be lured by all time high discounts on offer in the last month.
Homegrown auto major Tata Motors led the sob story with a surprising 51% drop in sales in December. Korean Hyundai Motor, Toyota and General Motors too saw varying rates of decline.
“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.