In a clear sign of the slowdown in the economy persisting, India’s automakers on Sunday reported their monthly sales numbers, which showed that sales of four- and two-wheelers almost halved in August, compared to the equivalent month last year.
The numbers indicate the upcoming festive season may not be enough to revive customer sentiment. This also led to fears that contrary to automakers’ expectations that car sales have bottomed out, the worst may not be over.
“The auto sector continues to witness high degrowth due to poor consumer sentiment. This is despite the high discounts, which make it the best time to buy cars,” said Rajesh Goel, senior vice-president and director (sales and marketing), Honda Cars India.
However, the industry expects that the recent initiatives by the government to boost liquidity in the market will show results from this month. The finance ministry recently announced measures that include giving policy certainty over Bharat Stage VI vehicles and merging public-sector banks.
No comments:
Post a Comment