Monday, 18 November, 2019

Passenger vehicle sales fall for ninth straight month, dive 31% in July

Slowdown Blues India's passenger vehicles sales drop 31% in July record 9th straight dip India's passenger vehicles sales sink for ninth month in July
Russell Knight | 14 August, 2019, 09:39

SIAM said passenger vehicle sales in July were also worst since December 2000 when the segment had declined by 39.86 per cent.

The slowdown in the industry is largely on account of a bad festive season previous year which led to the problem of higher inventories, tight liquidity with banks as a fallout of the NBFC crisis and an overall sluggish economy and low consumer sentiment.

Motorcycle and scooters sales fell 16.8% to about 1.51 million units, while passenger vehicle sales fell 36% to 122,956 units, the data showed.

Overall sale of automobiles is lower by nearly 14 per cent at 7,910,554 units in April-July 2019 over the same period a year ago.

In light of vehicle sales in India having declined for the 10th month in a row, SIAM urges revival package. "The industry is doing everything possible to increase sales but it needs government support to prevent the crisis from worsening", Vishnu Mathur, director general of SIAM, told reporters in New Delhi. For an industry, which is now in its 10th month of continually declining sales, July 2019 numbers are a back-breaker.

Mathur said that nearly 15,000 jobs, mostly temporary and casual workers, have already been lost in the automobile manufacturing companies over the last two to three months.

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Similarly, domestic PV sales also saw the biggest fall in almost 19 years, slumping by 30.98 per cent to 2,00,790 units as compared with 2,90,931 units in the same period a year ago.

"However, this time around all segments of the industry are witnessing decline in sales", he said.

The domestic auto industry demanded tax cuts and easier access to finance for dealers and buyers at a meeting with Indian government officials last week to discuss the sector's woes, in an effort to revive sales that have slumped. The industry has been asking for a blanket reduction of GST on all category of vehicles.

The automotive industry in India which employs over 37 million people in direct and indirect roles and contributes over 49 percent to the country's manufacturing GDP, is facing an onerous situation, so much so that even the past slowdowns of 2008-2009 and 2013-2014 didn't see all the segments falling off the cliff together. "The more the industry goes down, more hard it would become for it to come up", Mathur said. Vehicle sales across categories registered a decline of 18.71% to 18,25,148 units from 22,45,223 units in July 2018, it added.

Similarly, Chennai-based TVS Motor Co saw it sales slump by 15.72 per cent at 2,08,489 units in July.

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