General Motors' sales decline 37% at 3,619 units in Dec

Demand continues to remain suppressed on account of high interest rates and weak economic fundamentals, says company's India Vice President

General Motors India today reported a 36.56% decline in sales at 3,619 units in December.

It had logged sales of 5,705 units in the same month of 2013.

General Motors India Vice President P Balendran said: "Demand continues to remain suppressed on account of high interest rates and weak economic fundamentals. The withdrawal of excise duty benefits is also a big jolt for the automobile industry."

He added: "We don't see any positive movements in the short-term unless the government comes out with some big- ticket announcements in the upcoming budget to revive consumer sentiment.