Slow demand for automobiles in India

• Automobile sales in India were crushed in December after the government banned higher-value banknotes.
• Sales fell 19% to 1.2M units, according to data from the Society of Indian Automobile Manufacturers.
• Domestic passenger car sales declined 8.1% to 158,617 units. Two-wheeler sales were down 22% to 910,235 units.
• Uncertainty over taxes and incentives in India are also a factor in the tepid demand.
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