Economic Crisis Grips Auto Sector Completely, Passenger Vehicle Sales in August Dip by 31.57% Vis-a-Vis 2018, Suffer Worst Drop in Over Two Decades
Amid the economic slowdown in the country, on Monday a new report arrived that ailing automobile sector suffered its worst decline since 1997-98. SIAM states that the overall passenger vehicle sales dropped by a significant 31.57 percent last month with 196,524 units sold YOY.
Mumbai, September 9: Amid the economic slowdown in the country, on Monday a new report arrived that ailing automobile sector suffered its worst decline since 1997-98. Society of Indian Automobile Manufacturers (SIAM) stated that the overall passenger vehicle sales dropped by a significant 31.57 percent last month with 1,96,524 units sold as compared to 2,87,198 units in August 2018. Maruti Suzuki Announces Two-Day Operational Halt at Gurugram, Manesar Plants Amid Auto Sector Gloom in India
Among the significant concerns that are raising the eyebrows of market experts is a decline in the sale of passenger cars. The segment suffered a massive decline by 41.09 percent, selling 1,15,957 units as compared to 1,96,847 units in August 2018. Also, the condition of two-wheeler sales is a matter of concern, as it dipped 22.2 percent at 15.1 lakh units against August 2018. Economic Crisis Hits Automobile Sector: Tata Motors & Honda Lose Sales By Over 50% in August 2019; Here Are All The Details
Not only the passenger segment, even the utility vehicle sales saw a decline of just 2.2 percent with 71,478 units sold compared to 73,085 units sold in August last year. On the other hand, medium and heavy commercial vehicles sales down 54.3 percent at 15,573 units year over year (YoY). Light commercial vehicles sales are down by 28.2 percent at 36,324 units YoY.
The SIAM report further states that the van segment saw a massive drop of 47.36 percent with sales of 9,089 units in August 2019 as compared to 17,266 units sold in August 2018. The report notes that the Indian auto inc. sold 97,32,040 units of vehicles in August 2019 as compared to 1,15,70,401 units sold in August 2018, which is a decline of 15.89 percent.
(The above story first appeared on LatestLY on Sep 09, 2019 01:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).