See more slowdown in auto ind sales in India, says Toyota

Nachiket Kelkar
Moneycontrol.com

After a scorching pace of growth last year, automobile sales in India are slowing in the face of expensive auto loans and rising fuel prices. Toyota Kirloskar Motor expects sales could slowdown further, at least till August. Car sales in India surged over 30% in 2010, but during the first half of this year (Jan-Jun), sales growth has slowed to less than 20%. Car sales grew just 7% in May, slowest in two years, according to Society of Indian Auto Manufacturers. "The slowdown was more than what we had thought of