The pace in the auto industry is again tapering down as the industry coasts past the festive season period. According to the data released b...
The pace in the auto industry is again tapering down as the industry coasts past the festive season period. According to the data released by the Society Of Indian Automotive Manufacturers (SIAM), auto sales were almost flat at -0.84 per cent selling 263,773 units in November 2019 compared to 266,000 units in the same month last year. Only SUVs have posted positive growth in the month at 32.70 per cent selling 92,739 units as compared to 69,884 units a year ago. Sales of passenger cars went down by 10.83 per cent at 160,306 units as compared to 179,783 units while Vans posted a de-growth of 34.32 per cent at 10,728 units as compared to 16,333 units in the same month last year.
The situation even in the rural market hasn't shown any sign of improvement letting two-wheelers sales slump by 14.27 per cent at 14,10,939 units as compared to 16,45,783 units in the same month a year ago. Two-wheelers sales both in the urban market and rural have remained subdued. Sales of commercial vehicles, including MHCVs and LCVs, witnessed a negative growth of 14.98 per cent selling 61,907 units as compared to 72,818 units. That said, there have been some positive trends as well like in the three-wheelers segment that grew by 4.45 per cent at 55,778 units as compared to 53,401 units a year ago. In the same month, 18 units of quadricycle vehicles were sold as compared to 11 units a year ago, which is a growth of 64.64 per cent. Overall, the auto industry posted a de-growth of 12.05 per cent at 17,92,415 units as compared to 20,38,007 units in the same month a year ago.
Auto sales have been stumbling for a year now due to the prolonged slowdown in the industry and it has affected over one lakh jobs across the sector, including auto Component sector and dealerships. Sales during the festive season had picked up owing to the offers several automakers had rolled out. However, the industry is still seeking a temporary reduction in GST rates along with improvement in the credit availability to boost up volumes. The sales revival is also important as the industry is gearing up to meet the emission and safety regulations which took a lot of fresh investment.
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