India's passenger car sales growth forecast for the financial year 2012-13 has been revised downwards to 9-11 percent by the Society of Indian Automobile Manufacturers (SIAM), compared to the 12 percent growth it projected in April this year.
According to figures released by SIAM on Wednesday, July 11, total automobile sales by all manufacturers in June were recorded at 155,753, the lowest monthly volume since October 2011.
According to SIAM, sales growth during the first quarter of the financial year (April-June) was 5.2 percent year on year, far below its April forecast range, prompting SIAM to revise its forecast downwards for the full year.
In the case of trucks and buses, SIAM has forecasted a sales growth of 6-8 percent, down from 11 percent projected in April 2012.
Several passenger car makers like Maruti Suzuki, Toyota and Tata Motors have reduced output by either shutting down lines or bringing forward annual maintenance shutdown schedules.