The current fiscal hasn’t exactly begun on a positive note for the automobile industry in terms of sales growth. According to apex industry body SIAM, the industry produced a total of 2,363,376 vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycle in April 2019 as against 2,646,257 in April 2018, registering a double-digit decline of (-) 10.69 percent over the same month last year.
The overall Commercial Vehicles segment registered a decline of (-) 5.98 percent in April 2019 as compared to the same month last year. Medium & Heavy Commercial Vehicles (M&HCVs) declined by (-) 13.56 percent and Light Commercial Vehicles declined by (-) 1.10 percent in April 2019 over the same month last year. There was also a staggering de-growth trend witnessed in the exports of commercial vehicles amounting over 50 percent in comparison to the same month last year.