Just two years ago, India's huge car market was booming and global players were rushing to invest. Now it's been slammed into reverse.
Sales of passenger vehicles plunged 31% in July, according to figures released by the Society of Indian Automobile Manufacturers 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.
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