Luxury and premium car sales dip by 7.59 per cent in May 2009

Even though premium carmakers, rolling out high-end and niche cars, continued to do brisk sales in the Indian market for the past few months, the global recession and other factors have began take its toll on them. Even though carmakers like Mercedes-Benz, Volkswagen et al are bearish about the American and other developed markets, their sentiments were hitherto quite bullish towards emerging markets like India due to the growing number of nouveaux riches. But since January 09, banks and other financial institutions have begun reducing the car loan disbursals to even high-profile customers, thereby hampering the sales of the automobile companies. While Mercedes Benz saw its sales plunging by The 34.18 per cent in May 2009, BMW's sales dropped by 22.48 per cent in the same month.

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