According to media reports, car sales have fallen sharply in September.
Reports suggest that Toyota sales have fallen by 16.5% to 169,656 vehicles, while Hyundai sales have fallen 9% to 51,951 units. Sales of Nissan cars also fell by 17.6% to 101,244 vehicles. Honda is also said to have posted a double digit decline in sales, while Fiat Chrysler and General Motors reported a 10% decline. Ford has reported a 12% decline in sales. Analysts had predicted a 12% fall in overall sales.
The early timing of the Labour Day weekend is said to have caused a decline in sales figures as the holiday weekend bookings were taken in August. Interest rates on finance deals fell to 5.5% in the latest quarter. Incentives worth more than US$ 4,100 were offered to car buyers.
In the third quarter, Toyota sales fell by 1.2% to 6,27,194 vehicles, while Nissan sales fell by 5% to 3,27,354. In contrast, Hyundai sales increased by 5% to 1,73,028 vehicles.
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