New Delhi: General Motors India on Monday reported a 33.1 percent decline in sales at 4,157 units in November as against 6,214 units in the same month last year.
During the month, the company exported 150 units to Chile, marking its maiden vehicle shipment to that country.
Commenting on the sales performance, General Motors India Vice President P Balendran said: "Even though the lower fuel prices are encouraging, the interest rates remain sticky and inflation continues to be high."
The outlook remains grim and it is very unlikely that passenger cars will post positive growth this fiscal keeping in view the present economic conditions, he added.
"Discounts are at their peak and sales of diesel vehicles are tapering off as the price differential between the two fuels is dropping sharply. Going by the market scenario, we expect the challenging times to continue till some major announcements take place in the budget to improve customer sentiments," Balendran said.
