Reportedly india’s passenger vehicle industry suffered its worst sales performance in nearly 19 years in July as a slowing economy, higher ownership costs and floods in some states deterred buyers. Sales fell 31% to 200,790 vehicles last month from 290,931 units a year earlier, showed data released on Tuesday by SIAM. It was the worst sales performance since a 35% decline in December 2000.
Sales have fallen in 12 of the 13 months since July 2018, underscoring the sharp slowdown in demand in the world’s fourth-largest automobile market. In July, passenger car sales plunged 36% to 122,956 units, while utility vehicles recorded a 15% drop to 67,070 units. Vans suffered a 46% decline to 10,804 units. Industry body Siam releases wholesales, or factory dispatches, of automobiles, and not retail sales.
The new models have seen robust demand despite a weakness in the overall market. maruti Suzuki india Ltd reduced wholesales of its Vitara Brezza compact sport utility vehicle because of weak demand, emerging competition and its recently announced plans to phase out diesel vehicles from next April.
SBI has an exposure of Rs.11,500 crore to Auto Dealers Mumbai sources reported that India’s largest lender State Bank of India (SBI) is extending loan repayment time for stressed automobile dealers by 15 to 30 days amid slowing car sales, a top bank official said. “Normally, the repayment period is 60 days. So, we extend it to 75 days for some dealers and to 90 days for a few others," P.K. Gupta, managing director of SBI, told reporters. The bank has an exposure of ₹11,500 crore to auto dealers.
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