Auto sales slow down to 23.5%, worst slump in two decades
According to the data released by the Society of Indian Automobile Manufacturers (Siam), Domestic sales of passenger vehicles fell 31.6 per cent year-on-year to 196,524 units in August. That’s the steepest decline since 1997-98 when Siam started recording data.
Two-wheeler sales — a key barometer of the rural economy — also dropped by 22.24 per cent to 1,514,196 units against 1,947,304 units in the same period last year. Companies, wary of piling inventory, resorted to holding onto their stock. They also cut production, which led to a decline in dispatch to dealers.’
Dispatches in the passenger vehicles (PV) segment during the month declined. Previously, the steepest decline in the segment was registered in July this year when wholesale figures had fallen 30.98 per cent to 200,790 units. The fall in PV sales in August was also the 10th consecutive month of decline. In fact, all vehicle categories witnessed decline in sales during the month.
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