June 12, 2019

Auto sales go from bad to worse, fall 21% in May

Passenger vehicle sales in India posted the steepest drop in nearly 18 years in May amid weak demand and a liquidity crunch faced by non-bank vehicle financiers, prompting major auto makers to cut production.

Sales fell 20.6% in May to 239,347 vehicles from a year earlier, according to data released on Tuesday by the Society of Indian Automobile Manufacturers (Siam). It was the biggest fall since a 22% decline in September 2001 and the seventh consecutive drop in monthly domestic passenger vehicle sales. Vehicle sales in India are counted as factory dispatches and not retail sales.

With retail demand staying weak for several months, some of the top carmakers such as Maruti Suzuki India Ltd and Mahindra and Mahindra Ltd have announced temporary factory closures to trim mounting stocks at their dealerships as well as factories.

Source: https://www.livemint.com/auto-news/auto-sales-go-from-bad-to-worse-fall-21-in-may-1560277126102.html

Some more stats from https://www.team-bhp.com/forum/indian-car-scene/210043-may-2019-indian-car-sales-figures-analysis.html

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