Reportedly india’s automobile industry sank deeper into an abyss in July with sales at some of the top passenger vehicle makers plunging to their worst in about two decades. Rising economic uncertainties, slowdown in fresh investments and stress in the non-bank lending space damped demand from both urban and rural consumers. Irregular monsoon rain this year further hit rural sentiments in an economy starved of fresh private investments.
This coupled with an increase in vehicle insurance costs last year and a credit squeeze forced several consumers to defer their automobile purchases.
Domestic passenger vehicle sales at maruti Suzuki india Ltd, the country’s largest car maker, fell nearly 37% from the year earlier in July. Second-ranked hyundai Motor india Ltd recorded a 10% drop while total sales fell 16% at Mahindra and Mahindra Ltd. Sales at the local units of toyota Motor Corp. and honda Motor Co. fell 24% and 49%, respectively in July. Sales of the five companies, which together make up about 85% of india’s passenger vehicle market, have fallen nearly 31% last month from a year earlier.
Automakers offer discounts of up to Rs.1 lakh to take off Reportedly with only five months to go for new emission norms to kick in, automakers have started the drive to launch BS-VI petrol vehicles. However, BS-VI variants seem to move slower with customers preferring BS-IV variant products in the current festival season. Auto companies have been doling out a number of offers to reduce their BS-IV inventories with some offering discounts up to ₹1 lakh on certain products in their portfolio.
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