The latest figure on automobile sales in the country released by apex body of OEMs, SIAM, has confirmed that the slowdown in the business continues unabated. According to the latest data – the industry produced a total 14,427,724 vehicles including Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycle in April-September 2019 as against 16,645,330 in April-September 2018, registering a de-growth (-) 13.32 percent over the same period last year.
The commercial vehicle segment is clearly one of the worst hit – the April-September sales data shows a steep decline of (-) 22.95 percent as compared to the same period last year. Medium & Heavy Commercial Vehicles (M&HCVs) declined by (-) 35.79 percent and Light Commercial Vehicles declined by (-) 14.69 percent in April-September 2019 over the same period last year.
There has also been a hefty decline in the exports of commercial vehicles during the first half of the current fiscal: – 41.58 percent.