- With 246,000 units sold, domestic
passenger vehicles sales recorded a 17% drop in April 2019 - the sharpest decline since October 2011, when car sales fell by nearly 20%. - The latest drop was largely attributable to India’s elections, as uncertainty over the outcome has likely caused consumers to delay purchases, and market volatility.
- India’s auto industry is coming off its slowest annual sales growth in five years. Passenger vehicle sales grew by around 3% to a mere 3.4 million units amid higher insurance costs, a growth in ride-sharing and a financing crunch.
- This, in addition to an adjustment to new safety and manufacturing norms, contributed to a decline in wholesale dispatches heading into the current fiscal year.
With 246,000 units sold, domestic passenger vehicles sales recorded a 17% drop in April 2019 - the sharpest decline since October 2011, when car sales fell by nearly 20%. Prior to that, the sharpest drop in the preceding eight years occurred in February 2013, when sales fell by 16.7%.
The latest drop was largely attributable to India’s elections, as uncertainty over the outcome has likely caused consumers to delay purchases, and market volatility.
Even India’s largest carmaker,
Interestingly,
India’s auto industry is coming off its slowest annual sales growth in five years. Passenger vehicle sales grew by around 3% to a mere 3.4 million units amid higher insurance costs, a growth in ride-sharing and a financing crunch.