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Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

Japanese car sales in China fell 59.4 pct in October amid island row

Saturday - Nov 10, 2012, 05:41pm (GMT+5.5)
[+] Text [-]

Tokyo - Sales of Japanese cars in China has dropped 59.4 percent in October, a Chinese industry group has said.

The China Association of Automobile Manufacturers said that just 98,900 Japanese-brand vehicles were sold in the world's largest auto market last month.

The drop in the sales came as the territorial dispute flared in mid-September after Tokyo effectively nationalized Senkaku Islands in the East China Sea, The Japan Times reports.

The group said that on a month-on-month basis, Japanese auto sales in China fell 38.2 percent in October from September.

Meanwhile, Japan's top three carmakers, Toyota, Honda and Nissan, all produce in China and have said they will scale back output in the country due to the sales slump sparked by the backlash.

Toyota said it expects to sell 200,000 fewer vehicles in China in the second half of its fiscal year and take a 373 million-dollars hit to its bottom line because of tumbling demand from Chinese consumers, the report said.


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