India’s second largest automobile manufacturer Hyundai Motor India Limited (HMIL), the Indian arm of the South Korean automobile manufacturer has witnessed a decline of 2.29 percent in its total car sales in the month of November 2012. The carmaker sold 55,762 units in November 2012 in comparison to 57,071 units sold in the month in 2011.
The carmaker’s domestic sales fell marginally from 35,000 units in November 2011 to 34,751 units in the month in 2012. India’s largest car exporter also posted a decline of 4.8 percent in its exports for November 2012, selling 21,011 units in the overseas market in comparison to 22,071 units sold in the same month in 2011.
Commenting about the sales for the month of November 2012, Mr. Rakesh Srivastava Vice President (Marketing and Sales) HMIL attributed the high interest rates and inflation as the reason for the adverse market conditions and the resulting low sales figures.
