India car market has worst month in 18 years [CNN]
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Source: CNN
India's car market just had its worst month in 18 years. 1 million jobs are at risk Sales of passenger vehicles plunged 31% in July, according to figures released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday. It's the ninth straight month of declines and the sharpest one-month drop in more than 18 years, SIAM Director General Vishnu Mathur told CNN Business. "This is a very deep sort of a slump that is impacting every segment of the industry," Mathur said. India had been a bright spot for carmakers until recently, with annual sales of passenger vehicles rising by about 33% over the past five years. Big global players like Hyundai and its subsidiary Kia have invested billions to expand their footprint in the country, and new players like Chinese state-run carmaker SAIC have also tried to grab a slice of business. Before the slump hit, India was predicted to overtake Germany and Japan to become the world's third largest car market by 2020 — behind only China and
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