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Wed, Aug 21, 2019 | Last Updated 7:15 pm IST

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Why Passenger Vehicles sales skid in July? This sector faces huge Job Losses

Why Passenger Vehicles sales skid in July? This sector faces huge Job Losses
Why Passenger Vehicles sales skid in July? This sector faces huge Job Losses
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Reportedly the Society of Indian Automobile Manufacturers (SIAM) said on Tuesday domestic passenger vehicle sales fell 30.9% in July, marking a ninth straight decline in monthly sales amid a deepening crisis in the automobile sector that has triggered massive job losses. Previously in July 2019, total passenger car sales were 200,790 as compared to 290,930 in July 2018. Meanwhile two-wheeler sales were down by 16.82% to 1,511,692 as compared to 1,817,406 in the same month of last year.

Why Passenger Vehicles sales skid in July? This sector faces huge Job Losses

Furthermore commercial vehicle (including medium, heavy and light commercial vehicle) sales plunged by 25.71% with 56,866 vehicles being sold in July 2019 as compared to 76,545 in July 2018. Further three-wheeler sales were down by 7.66% with 55,719 units being sold in July this year as compared to 60,341 sold in the same month last year. Apparently total vehicles sales were 1,825,148 as compared to 2,245,223 units sold in July last year.



Recently the auto industry has witnessed 2.15 lakh job losses due to the slowdown, where nearly 300 dealership outlets have vanished, resulting in two lakh people losing jobs. SIAM said “Another 15,000 job losses have been reported by original equipment manufacturers (OEMs)”. Perhaps 10 lakh jobs are under threat in vendors or component manufacturing segment of the auto sector due to tight liquidity conditions and poor consumer sentiment.


Why Passenger Vehicles sales skid in July? This sector faces huge Job Losses
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