Ambassador slumps in Indian car ratings

The iconic Ambassador car in India has not been as popular with drivers this year. The iconic Ambassador car in India has not been as popular with drivers this year.

Losses at Hindustan Motors, the maker of the Ambassador have been going up, causing questions to be raised about the company's future.

While the Ambassador, easily India's most recognisable vehicle, has been chosen as the official car to take athletes around at the October Commonwealth Games, the company that produces it has reported losses of $9.5 million.

The company’s net worth has now tumbled by over 50 percent.

Company executives have said they are hoping an improving outlook for sales, which were pushed down by the world financial meltdown, will now pick up.

The company owns many assets, including land, which may be leveraged until the car-sales crisis is over.

Source: indiacar.com Source : http://www.kyrgyzstannews.net (5/9/2010)