General Motors India, Indian subsidiary of the American automobile manufacturer General Motors (GM) has reported a fall of 20.34 percent in its sales in the month of April 2012 selling 8,005 units in comparison to 10,050 units sold in April 2011.
Mr. P Balendran Vice President GM India has attributed the decline in sales to the uncertain market conditions as a result of hike in fuel prices, excise duty and state taxes. He added that the company saw advanced purchases in the month of February and March 2012 due to the anticipation of the hike in excise duty as part of the Union Budget 2012-13 in March 2012.
Mr. Balendran stated that the company expects market conditions to improve in response to the lowering of the repo rate and the cash reserve ratio (CRR) by the Reserve Bank of India effected in order to induce liquidity in the economy.
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