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Thursday, November 26, 2020

Passenger vehicle sales decline for 10th straight month; log worst-ever drop since 1998

Domestic car sales were down 41.09 per cent to 1,15,957 units as against 1,96,847 units in August 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM) released on Monday.

By: Reuters | New Delhi | Updated: September 9, 2019 12:20:37 pm
car sales, car sales down, car sales drop, auto sector slowdown, Maruti Suzuki sales, Maruti Suzuki car sales dropping, sales of cars down, four wheeler sales dip, explained why car sales are dropping, Sales of commercial vehicles were down 38.71 per cent to 51,897 units in August, SIAM said.

India’s monthly passenger vehicle and car sales recorded their steepest fall ever in August, according to data released by an industry body on Monday, highlighting the continued slowdown in the sector amid assurances by the government for revival.

Passenger vehicle sales plunged 31.57% year-on-year to 196,524 units in August, falling for the 10th straight month, the Society of Indian Automobile Manufacturers (SIAM) data showed, while passenger car sales fell 41.09% to 115,957 units.

This is the worst-ever fall for both the categories since SIAM started recording the data in 1997-98.

Auto companies’ heads urged New Delhi to revive the sector, crippled by sluggish demand resulting in hundreds of thousands of job cuts, at a conference last week.

Road and Transport minister Nitin Gadkari assured them that the government was working to help the sector and said he had asked the finance ministry to consider cutting taxes on petrol and diesel, as well as hybrid vehicles.

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