EW DELHI (Reuters) – Car sales in India rose an annual 2.8 percent in May, according to data from an industry body, a seventh consecutive monthly increase but far below industry expectations, with demand hit by a hike in excise duty on the vehicles.
India’s car sales have slumped over the past year, hit by high interest rates, rising fuel prices and the recently-announced excise hike that dashed manufacturers’ hopes of a rebound from just 2.2 percent sales growth in the year that ended in March.
Automakers sold 163,229 cars in the domestic market in May, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Monday.
Sales of trucks and buses rose 9.1 percent in May to 62,025 vehicles. Motorcycle sales rose 7.2 percent to 887,634 vehicles.
(Reporting by Devidutta Tripathy; Editing by Ranjit Gangadharan)
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