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| Premium car makers face heat of slump |
| Press Trust of India / New Delhi Nov 10, 2008, 16:40 IST |
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Just when premium segment car-makers thought they were insulated from the slump in the automobile market, unlike mass market car-makers, data from the Society of Indian Automobile Manufacturers (SIAM) seem to shake them out of their comfort-zone.
In October, sales of high-end cars (priced between Rs 8.02 lakh and Rs 1.24 crore) fell by 30.51 per cent to 2,859 units, as compared to 4,114 units in the corresponding month of last year.
The hardest hit was the luxury segment (price ranging between Rs 73.6 lakh and Rs 1.24 crore), which was considered to be the most insulated from the current credit crisis, declining by 61.19 per cent to 26 units from 67 units in the same month last year.
In this category, German carmaker Mercedes-Benz's sales (the S-class model) in Indian market plunged by over six fold in October to only seven units from 44 units in the year-ago period, SIAM said, adding that BMW India's sales (7-Series cars) in the segment also declined by 17.39 per cent at 19 units, as compared to 23 units in the same month last year.
SIAM pointed out that sales of executive segment cars in October also plummeted by 34.29 per cent to 2,313 units from 3,520 units in the corresponding month of 2007.
Honda Siel Cars India (HSCI) selling 'Civic' registered a fall of over three fold at 422 units compared to 1,421 units, while General Motors India posted nearly three fold decline in 'Chevrolet Optra' sales at 153 units during the month as against 436 units in the year-ago period.
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