by Editor News
India’s passenger vehicle sales are estimated to have fallen by 31 per cent in July, which is the sharpest downfall since automakers started reporting the numbers. The downfall has been somewhere around 2 lakh units.
The sharpest fall in passenger vehicle sales previously was 24.6 per cent, recorded in November 2008. Almost all carmakers that reported wholesale numbers on Thursday saw lower sales in July. Nearly 10 companies posted a double-digit decline.
The country’s largest carmaker Maruti Suzuki reported a 36.7 per cent fall in domestic sales in the past month at 96,478 units. The estimates from the industry show the wholesale volume of compact cars fallen 26 per cent in July and that of SUVs dropped down by 9 per cent.
Veejay Ram Nakra, the chief of sales and marketing (automotive division) at Mahindra & Mahindra, said: “The industry needs stimuli to help revive consumer demand and conversions. We hope that the overall buying sentiment will improve in the run-up to the festive season and with the monsoon turning out to be better than initially anticipated.”
N Raja, the deputy managing director at Toyota Kirloskar Motor, said he hoped the upcoming festive season to bring in some breather for the industry. “Also, we expect the government will step in to take necessary steps for improving liquidity in the market …The industry also expects the GST level to be rationalised to a lower level (from 28% to 18%) to accommodate the downturn in sales,” he added.
Executive director RS Kalsi told analysts at a recent earnings conference: “We don’t see any positive signal in the marketplace that will give a sense of optimism in the future. We will wait and watch.”
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