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<ul><li>India’s <keyword id="6374783" type="UNKNOWN" weightage="20" keywordseo="two-wheeler">two-wheeler</keyword> market is characterised by intense competition and sluggish sales. </li><li>However, <keyword id="62356" type="COMPANY" weightage="20" keywordseo="TVS">TVS</keyword> Motor Co has recorded above-average growth. </li><li>This is largely due to the success of its newer models. </li></ul>India’s two-wheeler market isn’t what one would refer to as enticing for new entrants. Sales have been <a href="https://www.thehindubusinessline.com/companies/liquidity-crunch-higher-insurance-costs-impact-two-wheeler-sales-in-dec/article25891881.ece">subdued</a> in recent months - an indication of rural distress since the bulk of <keyword id="6359451" type="UNKNOWN" weightage="20" keywordseo="motorcycle">motorcycle</keyword> and <keyword id="6359452" type="UNKNOWN" weightage="20" keywordseo="Scooter">scooter</keyword> sales in the country come from outside urban areas. The market is also extremely heated -- incumbents are trying to outperform each other in terms of prices and product launches. But one company, TVS Motor Co, has overcome these hurdles with relative ease, posting a revenue growth of 26% in the quarter ended December 2018. That is well above the industry average of 8%, according to the company’s FY19 estimates shared over a recent conference call. The uptick is largely attributable to the Chennai-based motorcycle manufacturer’s improved product mix and a surge in export volumes, due in part to the rupee’s weakness and consolidation in markets like The Philippines, which it also serves. The company has also been rolling out a number of new models -- the Radeon motorcycle, the Jupiter Grand and Ntorq scooters as well as the latest version of the Apache motorcycle, which was a play at the growing premium segment. The fuel-efficient Radeon, in particular, was launched to meet the needs of commuters in rural India. Sales of the 110cc motorcycle, which currently clocks in 11,000 units a month, are expected to double, the company said on the analyst call. Priced at around ₹50,000, it is also a value play for cost-conscious commuters between the age of 25 and 35. When compared to other popular mid-sized commuter bikes like the <keyword id="7029" type="COMPANY" weightage="20" keywordseo="Hero">Hero</keyword> Splendor Plus and <keyword id="6358511" type="UNKNOWN" weightage="20" keywordseo="Bajaj">Bajaj</keyword> Platina, which are similarly priced, the Radeon stands out because it’s the latest entrant to the segment, it’s comfortable and boasts a better design, according to Sanjay Sharma, who runs KK Automobiles, a dealership in the Najafgarh on the outskirts of New Delhi. While its other models fare well for different reasons: At ₹86,000, the updated Apache was priced below its immediate competitors in the premium racing category - The Yamaha FZ and <keyword id="20630" type="CITY" weightage="20" keywordseo="Honda">Honda</keyword> CB Hornet, both of which are a little under ₹1 lakh. Meanwhile, its smart scooter brand, the Ntorq, which was launched last February and is priced at a little over ₹60,000, carries a premium as it also India’s first smart scooter, meaning it allows pairing with smartphones. TVS has reportedly <a href="https://www.carblogindia.com/tvs-ntorq-sales/">sold over 20,000 </a>units of the scooter per month in the second half of the year, according to Car Blog India. Clearly pricing has been a strong selling point for TVS in recent months. However, going forward, it may be difficult to keep these products as affordable as they are. The company has already raised prices by an average of 0.9% between April and December 2018. TVS may have to contend higher raw material prices and marketing costs to stay ahead of rising competition, which could potentially trigger a price hike or crimp margins. A government regulation mandating the installation of an anti-lock braking system that comes into force in April could escalate costs further. SEE ALSO: <a href="https://www.businessinsider.com/r-harley-seeks-alliance-for-lightweight-bikes-to-grow-india-business-2018-8?IR=T">Harley seeks alliance for lightweight bikes to grow India business</a> <a href="https://www.businessinsider.com/r-indias-royal-enfield-targets-tripling-of-us-sales-this-year-2018-11?IR=T">India's Royal Enfield targets tripling of U.S. sales this year</a>

In India, TVS Motor has found the sweet spot between product and pricing in a tough market for two-wheelers

<keyword id="108831" type="General" weightage="50" keywordseo="tvs-motor-company" source="Orion">TVS Motor Company</keyword> on Monday reported a 3.58% decline in total sales to 2,42,012 units in December 2022. The company sold 2,50,993 units in December 2021, <keyword id="46156" type="General" weightage="100" keywordseo="tvs-motor" source="Orion">TVS Motor</keyword> said in a statement. Domestic two-wheeler sales grew 10% to 1,61,369 units last month compared to 1,46,763 units in December 2021. <keyword id="6359451" type="General" weightage="20" keywordseo="Motorcycle" source="Orion">Motorcycle</keyword> sales were lower at 1,24,705 units against 1,33,700 units in December 2021. On the other hand, scooter sales grew to 76,766 units in December 2022 from 67,533 units in the year-ago month. <keyword id="62356" type="General" weightage="20" keywordseo="TVS" source="Orion">TVS</keyword> Motor said it's electric two-wheeler <keyword id="8648410" type="General" weightage="50" keywordseo="iqube-electric" source="Orion">iQube Electric</keyword> registered sales of 11,071 units last month against 1,212 units in December 2021. Last month's total exports slipped to 79,402 units compared to 1,03,420 units in December 2021. The company said three-wheeler sales were also lower last month at 14,346 units against 15,541 units in the year-ago period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/data-breach-reported-by-toyota-kirloskar-motor/articleshow/96674229.cms">Data breach reported by Toyota Kirloskar Motor</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-manufacturing-pmi-hits-13-month-high-in-dec-on-rise-in-new-orders-strong-demand/articleshow/96678340.cms">India's manufacturing PMI hits 13-month high in Dec on rise in new orders, strong demand</a>

TVS Motor sales slip 3.58% to 2,42,012 units in Dec

New Delhi, Feb 4 () TVS Motor Company on Tuesday reported a 20.7 per cent decline in consolidated net profit at Rs 156.84 crore for the third quarter ended on December 31, 2019, hit by lower sales during the period. The company had posted a net profit of Rs 197.79 crore in the December quarter of 2018-19. Total income of the company declined to Rs 4,779.32 crore for the third quarter as compared with Rs 5,123.50 crore in the year-ago period, TVS Motor Company said in a regulatory filing. The company said its overall two-wheeler sales during the third quarter ended December 2019 stood at 7.73 lakh units as compared with 9.5 lakh units in the quarter ended December 2018. Motorcycle sales for the quarter under review stood at 3.25 lakh units as compared with 3.78 lakh units in the year-ago quarter. Similarly, scooter sales stood 2.8 lakh units for the third quarter as compared with 3.54 lakh units in the year-ago period. On the other hand, total three-wheelers sales grew 22.1 per cent to 48,391 units in the said quarter as against 39,629 units in October-December period of 2018-19. Similarly, total exports of the company grew 22.6 per cent to 2.17 lakh units during the third quarter as against 1.77 lakh units in the year-ago period. The company's board has re-appointed Venu Srinivasan as the chairman and managing director for a further period of five years, effective April 24, 2020, TVS Motor Company said. MSS RUJ

TVS Motor Q3 net dips 21 pc at Rs 157 cr

The gross domestic product (GDP) figures for the three-month period of October to December 2018, came in today (Feb 28, 2019). The Indian GDP grew by 6.6%, the slowest in five quarters. In fact, even a growth of 6.6% seems to be on the optimistic side, given that this is not in line with the underlying economic fundamentals, which can be measured through high-frequency economic indicators like car sales, two-wheeler sales, tourist arrivals, railway freight movement, etc. Let’s try and get some sense of what the economic indicators looked like in the three month period between October to December 2018. In this piece, the yearly growth of 15 high frequency economic indicators has been looked at. These indicators include (and as can be seen from the accompanying table, which is in two parts) indicators like car sales, two-wheeler sales, commercial vehicle sales, non-oil exports, non-oil non-gold non-silver imports, revenue earning rail freight, among others. The performance of 11 out of the 15 economic indicators was much better during the period October to December 2017 than it was in October to December 2018. This basically means that the yearly growth of most economic indicators was better during the same period. In simple English, what this means is that the <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword> has slowed down during the last quarter. Will this reflect in the government GDP numbers? That is something we will come to know later this week. These indicators are real time economic indicators and not a theoretical construct like the GDP number. Also, in a scenario where India grew by 8.2% during 2016-2017, the year of demonetisation, it makes more sense to trust real time economic indicators more than the GDP number declared by the government. Let’s take a closer look at some of these indicators. Take car sales, the most cited indicator among these indicators. During the period October to December 2018, car sales fell by 0.79% in comparison to October to December 2017. In fact, car sales had fallen by 2.42% during July to September 2018. 
 
 
 
 
 
 
 
 
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 Why are car sales important? That’s because they have been an important indicator of how urban India is feeling about its economic prospects. At the end of the day, no one is forcing an individual to buy a car. She buys a car only when she feels that she is in a position to service the EMI on the car loan taken to buy the car or make a down-payment. The fact that car sales have been falling tells us that urban India isn’t really feeling strong about its future economic prospects. Car sales also have very strong forward and backward linkages. When cars sell well, there is greater demand for steel, rubber, paint, glass, batteries etc. These are the backward linkages. A whole host of sectors do well, when cars sell well. The vice versa is also true. As far as forward linkages of car sales are concerned, a growth in car sales leads to an increase demand for loans, servicing centres as well as energy consumption. As we can see from the accompanying table, consumption of petroleum products went up by just 2.21% during the period October to December 2018, in comparison to a year earlier. This is again a clear impact of slowdown in car sales. 
 
 
 
 
 
 
 
 
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 Other than cars, a slowdown in scooter sales between July and December 2018, also tells us that urban India is not feeling too comfortable about its economic prospects. While scooter sales growth remained slow, the motorcycle sales growth seems to be on a recovery path. Between October and December 2018, it grew by 11.11%. 
 
 
 
 
 
 
 
 
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 This along with the fact that tractor sales during the same period grew by 22.24%, tells us that the rich part of rural India is feeling economically confident. The same cannot be said the agriculture sector as a whole, with fertilizer production falling 9.1% during the period. 
 
 
 
 
 
 
 
 
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 As far as consumer demand is concerned, non-oil non-gold non-silver imports, which are a very good indicator of consumer demand, grew by just 0.35% between October and December 2018. Tourist arrivals also grew by just 1.73%, in comparison to 14.81% a year earlier, which will act as a dampener on consumer demand. 
 
 
 
 
 
 
 
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 The production of steel grew by 4.64% during the period. A slowdown in car sales as well as a real estate sector which hasn’t gone anywhere in many years, went against the sector. 
 
 
 
 
 
 
 
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 What helped is the healthy pace of road construction. Between April and November 2018, 5,579 kilometres of highways were constructed, against 4,942 kilometres, during the same period in 2017. Road building also gave a fillip to cement production, which jumped by 13.33%. 
 
 
 
 
 
 
 
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 Exports remained weak during the period. Non-oil exports, which tend to benefit a large number of companies in comparison to oil exports, where the benefits are concentrated, grew by just 1.19%. Revenue earning rail freight saw a slight improvement in growth at 5.92%. Commercial vehicle sales grew by 6.7%, the slowest in six quarters. A fast growth in commercial sales indicates a robust activity on the infrastructure and industrial front. This is seen as a lead economic indicator of industrial as well as infrastructure activity. This is also borne out by data from Centre for Monitoring Indian Economy. During October to December 2018, the new projects fell by 24.14%. Completed projects fell by 8.35% and the stalled projects went up by 246.89%. All this comes together in the form of a major slowdown in central government revenue receipts, which grew by just 0.48% during the period, with the government also feeling the heat of the economic slowdown. All these economic indicators come together to tell us that the Indian economy has slowed down during the period October to December 2018. Whether this is captured in the GDP data which will be released on February 28, remains to be seen. In this scenario, even an economic growth of 6.6% doesn’t seem believable. In the recent past, the Indian GDP data has become more or less a joke. Let’s see if that continues or things do improve on that front. Vivek Kaul is a Business Insider India contributor. Kaul is an economist and the author of the ‘Easy Money’ trilogy. See also: <a href="https://www.businessinsider.in/india-corporate-earnings-will-slow-down-affecting-stock-prices/articleshow/68060649.cms">Indian companies have two tough years ahead — are the markets prepared?</a> <a href="https://www.businessinsider.in/indias-wholesale-inflation-cools-to-2-7-in-january/articleshow/67992193.cms">India's wholesale inflation cools to 2.7% in January</a> <a href="https://www.businessinsider.in/indias-government-wants-you-to-believe-that-demonetisation-didnt-slow-down-the-economy/articleshow/67785050.cms">India’s government wants you to believe that demonetisation didn’t slow down the economy</a>

Why even an economic growth of 6.6% is not believable

Mumbai, Feb 6 () After registering an annual growth of 11 per cent in the last two years, diversified engineering company Greaves Cotton expects to grow in line with the fast-growing e-mobility and automotive sectors going forward, a top company official said. The company, which recently completed the acquisition of electric vehicles manufacturer Ampere Vehicles, is looking at penetrating key metros across the country as part of its last-mile connectivity initiative. "We have undertaken a lot of initiatives in the last three years, which have resulted in an additional over Rs 400 crore in the topline since FY2018. We have grown at a CAGR of 11 per cent in the last nine quarters and we will grow more than that in the coming period," the company's MD and CEO Nagesh Basavanhalli told reporters here. The company expects the e-mobility and automotive segments to grow by almost 15-20 per cent over the coming years backed by the government's push on reducing carbon emissions. "We are well poised to cater to the growth in these sectors and we also expect to grow at the rate these industries are growing," Basavanhalli added. Last December, the company completed its acquisition of Ampere Vehicles, which enjoys a share of 18 percent in the e-scooters market in India, to strengthen and expand its presence in the last-mile e-mobility space that is seeing significant interest from the government and commuters alike. "We are in the midst of establishing Greaves Cotton as a complete ecosystem player. Our initiatives to diversify into newer growth levers such as non-auto engines, industrial engines, retail, multi-brand spares, servicing and e-mobility have started contributing to the growth," he added. The company has already spent nearly Rs 300 crore in the last three years for developing BS-VI compliant diesel engines for three-wheeler applications as well as to develop a lightweight CNG/petrol engine -- Crest --that would reduce emissions by up to 30 per cent, he said. Greaves Cotton currently manufactures products and solutions under various business units and is backed by comprehensive support from 350 big retail centres and over 5,000 smaller spare parts retail outlets across the country. "We will be increasing the retail centres to not only penetrate into newer markets but emerge as a one stop solution provider. So Greaves would not just sell engines and scooters but will also provide after sales services as well as provide easy finance options to prospective electric vehicle buyers at a low down-payment and EMI across a fast-growing nationwide network for Ampere electric vehicles," Basavanhalli added. He further said that Ampere scooters, currently present in 190 cities, primarily rural and semi-urban markets, will now be available in other key metros as well. PSK ABMABM

Greaves Cotton expects e-mobility, auto sectors to drive growth

Good morning! This is the tech news you need to know this Wednesday.<ol><li><a href="https://www.businessinsider.com/facebook-bans-hundreds-of-groups-users-linked-to-boogaloo-movement-2020-7">Facebook has banned hundreds of groups and accounts linked to the far-right boogaloo movement</a>. The social media giant said it removed 220 Facebook accounts, 95 Instagram accounts, 28 pages, and 106 groups linked to the boogaloo network it identified from its platform.</li><li><a href="https://www.nytimes.com/2020/06/30/technology/fcc-huawei-zte-national-security.html">The Federal Communications Commission has designated the Chinese telecommunications firms Huawei and ZTE as national security threats</a>. The New York Times reported that the move cuts off the two firms from millions in broadband subsidies.</li><li><a href="https://www.businessinsider.com/google-verily-alphabet-suspends-bonuses-redirects-diversity-efforts-leaked-memo-2020-6">Alphabet's healthcare unit Verily has suspended bonuses mid-pandemic to fund diversity programs instead, frustrating employees, according to a memo obtained by Business Insider</a>. Employees wrote in a letter to the company that the decision "implies that these efforts are charity causes not worthy of their own investment."</li><li><a href="https://www.businessinsider.com/sap-stop-hate-for-profit-ad-boycott-facebook-2020-6?r=US&amp;IR=TIR=T">SAP has said it will suspend advertisements on Facebook and Instagram as it endorsed the "Stop Hate for Profit" campaign against the social network</a>. The company said it would suspend all paid ads until Facebook signaled "a significant, action-driven commitment to combating the spread of hate speech and racism on its platforms."</li><li><a href="https://www.businessinsider.com/google-confirms-it-is-acquiring-smart-glasses-maker-north-2020-6">Google has confirmed it will buy smart glasses maker North, in a move that hints at higher ambition in augmented reality tech</a>. The price of the deal is unknown, although a previous report claimed Google was buying the company for $180 million. </li><li><a href="https://www.businessinsider.com/uk-legally-clearing-scooters-for-trials-2020-6">The UK is set to finally legalize electric scooter rentals from Saturday as it tries to avoid floods of people on public transport</a>. The UK Department for Transport (DfT) will this week publish its legal framework for allowing pilots of e-scooter rental schemes to get underway.</li><li><a href="https://www.businessinsider.com/bolt-ebike-uber-quit-jump-2020-6">Europe's $1.9 billion ride-hailing unicorn Bolt is rolling out electric bikes just weeks after Uber flamed out of the market</a>. Bolt's e-bike launch follows Uber pulling out of the scooter and bike-sharing market with the sale of its Jump business to Lime in May.</li><li><a href="https://www.businessinsider.com/facial-recognition-fails-96-of-the-time-detroit-police-chief-2020-6">Facial-recognition software fails to correctly identify people '96% of the time,' according to Detroit's police chief</a>. Police around the US use facial-recognition software, though several major cities have banned its use.</li><li><a href="https://www.businessinsider.com/san-francisco-supervisor-calls-for-renaming-of-zuckerberg-hospital-2020-6">A Bay Area politician is pushing to rename the Zuckerberg San Francisco Hospital as anger swirls around Facebook's lax hate speech policies</a>. In 2015, Zuckerberg and his wife Priscilla Chan donated $75 million to the hospital, which renamed itself in their honor.</li><li><a href="https://www.businessinsider.com/tesla-on-autopilot-slams-into-massachusetts-state-trooper-report-2020-6">A Tesla on Autopilot slammed into a police car, according to a new report — and now the driver is facing criminal charges</a>. A Tesla slammed into a police cruiser during a traffic stop in Massachusetts in December 2019 but the driver could now face negligence charges. </li></ol>Have an Amazon Alexa device? Now you can hear <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword> each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.You can also <a href="https://newsletter.businessinsider.com/join/free">subscribe to this newsletter</a> here — just tick "10 Things in Tech You Need to Know."

10 things in tech you need to know today

<keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, the e-commerce shopping website launched in 2010 and backed by the Alibaba group, had a happy Diwali in the festive season that went by. In the three-day pre-Diwali sale that Paytm held in the first week of November, it sold a good number of motorcycles and bicycles, even as mobile phones and fashion apparels topped the charts. This resulted in a figure of Rs 300 crore, highlighting the company's success in implementing the online-to-offline model. 
 
Talking of the model, the purchases are made online while deliveries are done from dealerships. The company sold 500 Mahindra motorcycles and more than 1,000 bicycles in the new products category. For online sale of Mahindra Centuro motorcycles and Mahindra Gusto scooters, Paytm had an exclusive tie-up with Mahindra Two Wheelers. What helped in realizing these numbers was competitive prices on bikes and up to 25% cashback on bicycles. 
 
For mobile phones, which are nowadays seeing high online sale figures, sales increased 5-6 times as compared to the average daily orders, and fashion products also saw a similar rise in the numbers. The online-to-offline model, which was used in selling bikes and bicycles was also implemented for selling mobile phones. One-fifth of mobiles sold in the sale period were delivered by local stores and that too within two hours of the order. For this, Paytm had entered into a contract with The Mobile Store, which is country's largest phone retail chain. 
 
Maximum sales were recorded in the electronics category, which helped the site see a fivefold increase in the number of orders and gross merchandise value (GMV) during the sale in comparison to the daily averages. GMV is the measurement of the maximum price of goods and services sold on a company's platform and is higher than its actual revenue. 
 
The company had set a target of Rs 250-300 crore for this sale, and saw 6-8 lakh concurrent users. This is 10-15 times the peak traffic that the website usually gets. The next target for the company is of Rs 1,000-crore, which it has planned to achieve in the two-month period, ending December. 
 
<a href="http://tweakyourbiz.com/sales/files/shutterstock_117104056.jpg">Image source</a>

Diwali proved happy for Paytm, generated Rs 300 crore in three days

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Canon</div></div></div>Canon unveiled a new camera this morning that could completely change how we take photos and videos in the dark.The camera, called the ME20F-SH, can see things in the dark that the human eye can't, and captures it all with HD photo and video.The camera could potentially be used to pioneer new formats for everything from surveillance video, movies, reality TV, and nature documentaries.Canon says the camera will go on sale in December 2015, but it won't be cheap. The ME20F-SH is expected to retail for $30,000. It will go for sale in Decemeber 2015.What makes this camera so unique?The new ME20F-SH model is able to shoot at up to 4,000,000 ISO.ISO is a photography term that basically refers to how your camera handles light around you. The higher ISO you take a picture at, the more you can capture in a low-light situation.To put the 4-million range into perspective, consider that the cameras on the iPhone 6 and 6 Plus only go as high as 2,500 ISO. Most entry-level DSLR cameras only go up to 3,200. Higher level cameras usually go anywhere from 10,000 to 100,000 ISO, and there's a Nikon with 200,000 ISO capabilities. But Canon's new device is next-level.<div class="KonaFilter image-container display-table"><div><div class="image"><a href="http://www.usa.canon.com/cusa/about_canon/newsroom?pageKeyCode=pressreldetail&amp;docId=0901e02480fb7db6">Canon</a></div></div></div>Basically, this new camera is a tremendous feat that will let photographers and videographers explore dark spaces in a way that was never possible before. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/gogoro-smartscooter-is-available-and-it-looks-incredible-2015-6">The 'Tesla of scooters' is finally available and it looks incredible</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JrYjNydTomoXrRoIQe_bxbwlk4mNL1AL" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Canon's new $30,000 camera could let photographers shoot in extreme darkness like never before

New Delhi, Jan 10 () The automobile industry recorded its worst-ever sales decline in two decades in 2019, with an unprecedented slowdown hampering vehicle offtake across segments, according to industry body SIAM.
 As per data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday, all vehicle segments reported de-growth last year as low consumer sentiments, weak rural demand and economic slowdown took toll on demand.
 Overall wholesale of vehicles during the year across categories, including passenger vehicles, two-wheelers and commercial vehicles, saw a decline of 13.77 per cent in 2019 at 2,30,73,438 units as against 2,67,58,787 units in 2018.
 This is the worst fall in sales since the industry body started recording monthly and yearly sales data in 1997. The previous lowest was recorded in 2007 when overall sales had declined by 1.44 per cent.
 Similarly, total passenger vehicle sales during 2019 declined by 12.75 per cent to 29,62,052 units as compared with 33,94,790 units a year ago. This is the worst performance in the segment since 2013 when sales witnessed a dip of 7.49 per cent.
 Two-wheeler sales also saw a dip of 14.19 per cent last year to 1,85,68,280 units as compared with 2,16,40,033 units in 2018. Likewise, total commercial vehicles saw a dip of 14.99 per cent to 8,54,759 units as against 10,05,502 units in 2018.
 "Challenges remain for the auto industry despite the government bringing in several growth enablers. GDP growth rate remains an area of worry as commercial vehicle segment is clearly linked to it. Besides, low demand from rural areas continues to be a matter of concern," SIAM President Rajan Wadhera told reporters here.
 In passenger vehicles, utility vehicles are driving sales as other segments are not performing that well, he added.
 When asked about the 2020 outlook, Wadhera said the situation is going to remain tough due to impending changeover to the BS-VI emission regime.
 "We expect prices of commercial vehicles to go up by 8-10 per cent due to BS-VI norms and it is going to impact demand. But, if economic growth is there, this factor would not be such a sore point," Wadhera said.
 Similarly, passenger vehicles would see cost increase in range of 3-7 per cent, which would also act as an dampener for sales growth, he said.
 "So, growth in the segment is expected to remain flat. In two-wheelers, low demand from rural areas continues and challenges are expected to remain going ahead as well," Wadhera said.
 He further said if the economy grows at around 6-7 per cent, the auto sector could see a return to growth rates witnessed four quarters ago.
 When asked if job losses witnessed in various industrial sectors, such as auto and telecom, have had an impact on demand slump, Wadhera said, "Yes."
 The auto industry body also said the positive sentiment that was witnessed during the festive season has not sustained with retail sales in December coming back to negative.
 Commenting on the industry's Budget expectations, he reminded of the long-standing demand of reducing GST rate to 18 per cent and introduction of scrappage policy to spur demand.
 In December, domestic passenger vehicle sales declined 1.24 per cent to 2,35,786 units in December from 2,38,753 units in the year-ago period.
 Domestic car sales were down 8.4 per cent to 1,42,126 units as against 1,55,159 units in December 2018, according to SIAM.
 Market leader Maruti Suzuki India posted a growth of 2.49 per cent in its passenger vehicle sales in December at 1,22,784 units. Hyundai Motor India saw a decline of 9.84 per cent at 37,953 units, while Mahindra &amp; Mahindra posted a growth of 3.94 per cent at 15,686 units.
 Motorcycle sales last month declined 12.01 per cent to 6,97,819 units as against 7,93,042 units a year earlier. Total two-wheeler sales in December declined 16.6 per cent to 10,50,038 units compared to 12,59,007 units in the year-ago month.
 In two-wheeler segment, Hero MotoCorp posted a decline of 5.63 per cent at 4,12,009 units in December. Honda Motorcycle and Scooter India (HMSI) saw its sales drop by 2.26 per cent at 2,30,197 units, while TVS Motor Co witnessed a decline of 25.09 per cent at 1,57,244 units.
 Sales of commercial vehicles were down 12.32 per cent to 66,622 units in December, SIAM data showed.
 Vehicle sales across categories registered a decline of 13.08 per cent to 14,05,776 units from 16,17,398 units in December 2018, it added.
 On the other hand, overall retail sales stood at 16,49,954 units in December, down 14.26 per cent from 19,24,297 units in 2018. MSS RKL MSS HRS

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