Car sales decline by 8% in January 2020
Monday,10 Feb 2020
Car sales have declined by 8% in January 2020 as against January 2019 as per the Society of Indian Automobile Manufacturers (SIAM), the industry body for automobiles in India. Rajan Wadhera, President, SIAM, attributed the decline in sales to the rising cost of vehicle ownership and an overall economic slowdown.
With the exception of three-wheelers, sales of every other segment showed a decline. Sales data from SIAM revealed that domestic passenger vehicle sales declined 6.2 per cent to 2,62,714 units as against January 2019. Car sales dropped by 8.1 per cent while two-wheelers dropped by 16.06 per cent.
Commercial vehicles sales during the last month dipped by 14.04 per cent to 75,289 units and vehicle sales across categories declined 13.83 per cent to 17,39,975 units as against 20,19,253 units recorded in January 2019.
Wadhera however said that SIAM was hopeful that recent government measures to spur growth including its announcements on greater spending in infrastructure and rural economy would boost the sale of commercial vehicles and two-wheelers. The automobile industry is keenly looking forward for an incentive-based scrappage policy, Wadhera concluded.