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Vehicles sales plummet for the 11th month in a row
Despite a 135 basis point rate cut since February and a number of measures announced by the central government including the corporate tax cut, vehicle sales plummeted for the 11th straight month.
New Delhi: Despite a 135 basis point rate cut since February and a number of measures announced by the central government including the corporate tax cut, vehicle sales plummeted for the 11th straight month.
Society of Automobile Sales (SIAM) data released on Friday showed that commercial vehicle sales -- a proxy for the commercial health of the economy -- steeply fell by of 39 per cent to 58,419 units.
Signs that the customers are still away from showrooms was visible in passenger vehicles sales data which witnessed a decline of 23.69 per cent to 223,317 units this September.
Passenger cars sales witnessed a decline of 33.4 per cent to 131,281 units. In August, its sales were down 41 per cent.
Overall domestic automobile sales fell 22.41 per cent in September 2019.ATwo wheeler sales - often tracked to analyse the rural markets health - was also down 22.09 per cent.
Several auto markers are forced to announce production cuts and slash workforce inorder to cut losses.
