Bajaj Auto Fails to Sell Single Unit in Domestic Market in April 2020, Registers Massive Loss Amid Coronavirus Lockdown
With the coronavirus lockdown in place for more than a month and the production sector has been compromised, Bajaj Auto limited has reported zero sales in the domestic market in April, 2020. Last, Bajaj Auto sold 2,05,875 2-wheeler units in April. Also, along with 2-wheeler, the sale of commercial vehicles were also reported be zero for April 2020.
Mumbai, May 4: With the coronavirus lockdown in place for more than a month and the production sector has been compromised, Bajaj Auto limited has reported zero sales in the domestic market in April, 2020. This is seen as a result of coronavirus impact. Last, Bajaj Auto sold 2,05,875 2-wheeler units in April. Also, along with 2-wheeler, the sale of commercial vehicles were also reported be zero for April 2020.
According to the sales data of Bajaj Auto, the domestic sale of 2-wheeler were zero in year-on-year basis. In April 2019, Bajaj had sold 2,05,875 2-wheeler units. However, the firm did export 32,909 2-wheeler in April 2019, which was 1,60,393 units in 2019. This shows that Bajaj Auto's sale declined by 91 percent on YOY basis (April 2019-April 2020). COVID-19 Pandemic: SIAM Seeks GST Rate Cut, Incentive Based Scrappage Policy to Revive Auto Sector.
Here's the Bajaj Auto's April 2020 sales data:
Among other details, Bajaj shared include decline in sales of commercial vehicles which dropped by 90 percent in YOY basis (April 2019-April 2020). As per records, Bajaj failed to register any sale of commercial vehicles in domestic market in April 2020, which was 26,229 on April 2019. However, it managed to export 5,869 commercial vehicles in April 2020, in comparison to 30,818 units in April 2019. This shows that Bajaj Auto's sale in commercial segment declined by 90 percent on YOY basis (April 2019-April 2020).
Earlier, Auto industry body SIAM sought temporary GST rate cut on vehicles and introduction of incentive based scrappage policy from the government at the earliest in order to revive the sector amid the coronavirus pandemic. While appreciating RBI's announcement to support NBFCs and MSME sector by infusing liquidity in the system, the Society of Indian Automobile Manufacturers (SIAM) sought several 'key interventions' for the the auto sector.
(The above story first appeared on LatestLY on May 04, 2020 01:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).