Tata Motors, creators of the Tata Nano and owners of Jaguar and Land Rover, reported a huge sales drop for the month of December due to tight credit and the slowing global economy. Overall Tata sales fell 47 percent to 25,219. Passenger vehicles fell a total of 31 percent while commercial vehicles dropped 51 percent.

“A deepening recessionary trend in the economy, coupled with continuing credit squeeze and high interest rates, has further depressed customer sentiments. As a result, automobile purchases are being severely impacted,” the company said in a statement.

Maruti Suzuki India, owned 54.2 percent by Suzuki Motor Corp., reported a sales drop of 10 percent. Rival Mahindra & Mahindra reported a 30 percent drop.

Source: Reuters