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<ul><li>Latest data released by SIAM showed a continuing downward trend for the auto industry in India.</li><li>There was a downfall of 21% in the purchase of passenger vehicles sold in May, from 3 lakh units to 2.39 lakh units in the same month a year before.</li><li>In April, passenger vehicle sales were down by 17%.</li><li>The overall Commercial Vehicles segment registered a decline of 8.05% in April-May 2019. </li></ul>The sale of passenger vehicles declined by 18.82% in April-May 2019 over the same period last year, the worst in 18 years, according to data by Society of Indian Automobile Manufacturers (SIAM). Within the Passenger Vehicles (cars, UV’s/SUV’s,and vans), the sales for Passenger Cars, Utility Vehicle &amp; Vans declined by 22.98%, 6.15% and 28.57% respectively in April-May 2019, compared to the same period last year. The data showed a downfall of 21% in the sale of passenger vehicles in May, 2019 from 300,000 units to 239,000 units in the same month in 2018. As per <a href="https://timesofindia.indiatimes.com/business/india-business/passenger-vehicle-sales-decline-most-in-18-yrs/articleshow/69749043.cms">experts </a>, different factors may be contributing to this lowering trend in <keyword id="47168" type="COMPANY" weightage="20" keywordseo="Car-sales">car sales</keyword>. First being the declining health of the Indian economy. The GDP growth figure for the third quarter of FY19 was merely 6.6% — the lowest in five quarters. This can be a worrying situation for the government as well, because private consumption has been a strong pillar of India’s growth story, which is now slumping. Amongst other factors, slowdown in urban hubs is being attributed to the popularising shared mobility like Ola and UBER. Rising congestion on roads and improvement in public infrastructure are also important to this phase. Despite the addition of new models, such as Hyundai’s hatchback Santro, Maruti’s tallboy WagonR, TATA’s Harrier off-roader, and Mahindra’s Marazzo and XUV 300 SUV’s, buyers are not warming up to the new launches. In rural areas the slowdown in sales is being attributed to the stressed farm loans. In a statement, Director General of SIAM, Vishnu Mathur, <a href="https://timesofindia.indiatimes.com/business/india-business/passenger-vehicle-sales-decline-most-in-18-yrs/articleshow/69749043.cms">said </a>the “Buyers need affordability. The situation is very serious.” Mathur added that the industry is saddled with heavy inventory, and despite offering deep discounts and freebies, companies do not see fresh investments and expansion till the situation improves. The introduction of the new BS6 (Bharat Stage 6) emissions regulations from 1 April 2020, new technology will be needed to keep emissions in check, in particular for new diesel engine vehicles. These new add-ons are said to increase the prices of diesel cars even further and increase the gap between a new petrol car and a new diesel car by nearly ₹250,000.

Car sales in India have slumped to a 18-year low even after deep discounts

<ul><li><keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword> has announced its first franchisee in Surat. </li><li>The startup plans to breakeven by December 2019. </li><li>It plans to invest ₹1-1.5 million into a franchise depending on the location. </li></ul>Indian used cars startup Cars24 is adopting the franchise model to expand across the country. This will help them set-up 300 outlets in tier 2, 3 and 4 cities over the next two years. The startup plans to breakeven by December 2019, and the franchising model could help ramp up operations. Strengthening its presence in tier 2 cities, it also opened a franchisee branch in Surat – the second largest automobile market in India. It plans to invest ₹1-1.5 million into a franchise, depending on the location. It is shortlisting partners after putting them through a lens, and clearing only one from every 200 applications. “Our key objective is to address the challenges that are faced by sellers and buyers in non-metro cities. We are filling the vast gap of a dependable partner in the used car segment and associating the entrepreneurial spirit and local talent of non-metro cities with our platform for seamless execution,” said Mehul Agarwal, Co-founder and COO, CARS24. Cars24 sells over 13,000 cars every month through its platform. In over four years, it sold 1.6 lakh cars. It is now present in 35 cities with 150 branches, Cars24 plans to be in 70 cities with 230 branches, by 2019. “We only have 2% market share of the $30 billion used car market. In India, 5 million used cars are sold every year. Our objective is to take this 2% to 20% over the next 5 years,” Vikram Chopra, co-founder and CEO of Cars24 had said in an earlier interview with Business Insider. This development from Cars24 comes at a time when the Indian auto industry is witnessing a slowdown in the sales of new cars. The country’s largest car maker <a href="https://www.livemint.com/auto-news/maruti-suzuki-sales-down-14-in-june-at-124-708-units-1561984801149.html">Maruti Suzuki </a>too reported a 14% decline in sales in June. Passenger vehicle sales have been suffering for the last eight months. <a href="https://www.businessinsider.in/june-monthly-car-sales-data-points-to-a-severe-slowdown-in-india/articleshow/69985355.cms">Consumer sentiment has suffered due to</a> cost increases amid strict safety regulations, delay in monsoon, rural stress, slowing economy and liquidity constraints. See Also: <a href="https://www.businessinsider.in/news/auto-sales-continue-to-slip-for-eight-straight-months-making-revival-tough/articleshow/70034595.cms">Auto sales continue to slip for eight straight months, making revival tough</a>

EXCLUSIVE: Cars24, a startup selling used cars, wants outlets in 300 cities and is looking for potential franchisees

Six out of the top ten most selling cars in India in October are from Maruti Suzuki

<ul><li>Indian car manufacturer <keyword id="6357096" type="UNKNOWN" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> announced that the price of its vehicles would go up by ₹36,000 from July 1. </li><li>The price hike by companies is being attributed to the new safety norms and the BS VI norms followed by the Indian government. </li><li>However, car sales continue to see a decline in India.</li></ul>In India, car sales have been sliding with almost every other automobile giant reporting a decline in sales in the past few months. However, if you thought that would make cars cheaper, well, think again. Car prices are only rising, thanks to the new safety norms which have been made mandatory. Automaker Mahindra &amp; Mahindra announced on Wednesday that it would be raising the prices of its personal vehicles by up to ₹36,000 across models from July 1. But the company is not alone. Maruti Suzuki had already declared a price hike for its new Swift and WagonR. Others like Honda and Tata Motors too have indicated the same. “Mahindra SUVs that will take a substantial price increase are the Scorpio, Bolero, TUV300 and KUV100 NXT, while brands such as the XUV500 and Marazzo will increase prices marginally,” Mahindra said in its filing as reported by IANS. The Indian government had announced the Bharat Stage VI norms for emission regulation. The norms will be adopted by April 2020, however companies had said that the adoption will result in a price-hike. According to <a href="https://www.financialexpress.com/industry/bs-vi-norms-car-prices-to-surge-sharply/1423128/">reports</a>, complying to the norms meant a 10% price hike for cars. Meanwhile, <keyword id="424067" type="PERSON" weightage="20" keywordseo="Car-sales-in-India">car sales in India</keyword> have had a sloppy run in the past few months. In <a href="http://overdrive.in/news-cars-auto/passenger-car-sales-in-india-dip-by-20-5-percent-in-may-2019/">May 2019</a>, passenger car sales declined by 20.5%. One of India’s biggest car manufacturers, Maruti Suzuki had <a href="https://www.financialexpress.com/auto/car-news/may-2019-car-sales-maruti-suzuki-reports-22-decline-in-sales-for-may-2019/1596276/">reported</a> a decline by 21% in its car sales for May. See Also: <a href="https://www.businessinsider.in/budget-2019-proposal-lower-tax-likely-on-cars/articleshow/69723060.cms">With 32 million jobs at stake in India’s auto sector, the Modi government may ease tax burden on cars</a>

Car sales are woefully slow in India but prices are rising due to new green norms

<ul><li>With car sales being woefully slow, Indian <keyword id="1108326" type="PERSON" weightage="20" keywordseo="auto-manufacturers">auto manufacturers</keyword> are going to see the weakest Q1 results in a decade, say analysts. </li><li>A CLSA report has said that Q1 EBITDA is going to fall by an average of 28% for all auto companies.</li><li><keyword id="44883" type="CITY" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> cut production for the fifth consecutive month in June due to lack of demand.</li></ul>Indian automakers have been witnessing a massive slowdown in sales and that has resulted in stock analysts calling it the first quarter, their toughest quarter in a decade. CLSA, the capital markets research firm, has said that first quarter results for FY 20 is likely to be the weakest in a decade for the auto sector because of depressed volumes and margin pressure. The report further mentions that for the first quarter, pre-tax profits would fall by 28% year-on-year for the entire industry. While Maruti and Ashok Leyland could see their quarter’s profits decline by 35-43%, Eicher, <keyword id="45224" type="CITY" weightage="20" keywordseo="Mahindra">Mahindra</keyword> and Motherson Sumi could see a 14-21% decline. “We remain cautious on the sector and have sell ratings SELLs on 70% of our stock coverage; on a relative basis, we continue to prefer Maruti , Eicher, and Motherson,” said the report. <keyword id="424067" type="PERSON" weightage="20" keywordseo="Car-sales-in-India">Car sales in India</keyword> have been falling for the last past few months. In May 2019, passenger car sales declined by 20.5%. One of India’s biggest car manufacturers, Maruti Suzuki had reported a decline by 21% in its car sales for May. In June, it fell again by 14%. In fact, the auto manufacturing giant cut production for the fifth consecutive month in June due to lack of demand. Its shares fell too, shedding ₹7,000 crore in market value in early July.

A global investment firm has 'SELL' rating on 70% of Indian car makers because sales may not pick up speed

Tata Motors dominates the EV car market in December with Tiago leading the charge

<ul><li>Overall passenger vehicle segment crossed the 20 lakh units sales mark for the first time-ever in the first half this year.</li><li>Toyota Kirloskar Motor reported a double-digit growth in dispatches to dealers, while Kia saw a dip in wholesales last month.</li><li>MG Motor India also reported a double-digit increase in retail sales in June 2023 compared to the same month last year.</li></ul>New Delhi, Maruti Suzuki India (MSI) and Hyundai posted single-digit growth in domestic sales in June, even as the overall passenger vehicle segment crossed the 20 lakh units sales mark for the first time-ever in the first half this year. Toyota Kirloskar Motor reported a double-digit growth in dispatches to dealers, while Kia saw a dip in wholesales last month. MG Motor India also reported a double-digit increase in retail sales in June 2023 compared to the same month last year. Maruti Suzuki India, the country's largest carmaker, said its domestic passenger vehicle sales rose 8 per cent to 1,33,027 units in June against 1,22,685 units in the year-ago period. Sales of mini cars, comprising Alto and S-Presso, fell marginally to 14,054 units compared to 14,442 units a year ago. Similarly, sales in the compact segment, models such as Swift, Celerio, Ignis, Baleno and Dzire, slumped 17 per cent to 64,471 units from 77,746 cars in June 2022. Utility vehicle sales, including Brezza, Grand Vitara and Ertiga, however, surged over two-fold to 43,404 units compared to 18,860 vehicles in the year-ago month, MSI said. MSI Senior Executive Officer (Marketing and Sales) Shashank Srivastava said the automaker grew faster than the industry in June, enabling it to scale up its overall market share by 2.4 per cent to 41 per cent. The overall passenger vehicle industry dispatches grew by 1.9 per cent to 3,27,700 lakh units from 3,21,600 lakh units in the year-ago period, he said. MSI, on the other hand, dispatched 1,33,027 lakh passenger vehicles last month, up 8 per cent from 1,22,685 lakh units in June 2022. Srivastava noted that the domestic passenger vehicle segment has crossed 20 lakh sales-mark in the first half of the year, a 10 per cent growth over 18.31 lakh units dispatched in the January-June period of 2022. MSI dispatches to dealers during the period stood at 8,61,000 units over 7,87,000 units in the corresponding period a year ago, he added. He noted that the company's SUV market share rose to 21 per cent in the April-June quarter this fiscal, compared to an 8.5 per cent market share in the same period of the preceding fiscal. Srivastava noted that with the addition of new models like Jimny and Fronx, the company remained hopeful of attaining around 25 per cent market share in the segment to take the top slot in the segment by the end of the current financial year. On supply chain shortages, he said the situation is expected to get better in the current quarter. MSI currently has a pending order backlog of 3.55 lakh units, he stated. When asked about challenges, Srivastava said that high-interest rates and chances of an erratic monsoon were some of the factors, which the company was closely monitoring. Rival Hyundai Motor India reported a 2 per cent rise in its domestic sales at 50,001 units last month from 49,001 units in June 2022. "There is a positive customer traction for all our products and Verna, Creta and Tucson have attained leadership positions in their respective segments in the first half of CY23," HMIL COO Tarun Garg said. Toyota Kirloskar Motor also said its total wholesales increased 19 per cent to 19,608 units in June compared to 16,512 units in the year-ago period. Its domestic dispatches stood at 18,237 units while overseas shipments were at 1,371 units. "Ever since the launch of Urban Cruiser Hyryder and Innova Hycross, we are witnessing continued high acceptance by our customers," TKM Vice President (Sales and Strategic Marketing) Atul Sood said. On the other hand, Kia India said its domestic wholesales declined 19 per cent to 19,391 units in June. The company dispatched 24,024 units to dealers in June 2022. "We have kept our performance steady with healthy growth, despite the realignment of our manufacturing process to accommodate the development of the new Seltos this month," Kia India National Head (Sales &amp; Marketing) Hardeep Singh Brar said. With the launch of new Seltos, the automaker aims to be one of the top mid-SUV segment leaders again and hopes for a strong sales surge, he added. Another automaker, MG Motor India reported a 14 per cent increase in retail sales at 5,125 units in June 2023 against 4,504 units in the same month last year. "Supplies were disrupted in the wake of cyclone Biparjoy though customer demand should now gain momentum following the monsoon as India gears up for a long festive season," the company said.

Maruti, Hyundai post single-digit rise in June PV sales; industry crosses record 20 lakh units in H1 2023

After nine continuous months of slump, till April 2014, the <keyword id="110874" type="UNKNOWN" weightage="20" keywordseo="Indian-car-industry">Indian car industry</keyword> is finally showing signs of improvement. In the last four months, <keyword id="47168" type="UNKNOWN" weightage="20" keywordseo="Car-sales">car sales</keyword> have shown an upward trend--especially in August when top three car makers scored double digit growth over sales in the same month in last year (2013). If the momentum continues, it will help boost automobile industry and economic growth. Let’s explore key factors fuelling car industry’s growth. 
 
Sales numbers indicate turnaround, a slow one though 
 Car sales in India grew by 15.16% in August, 2014 as compared to sales in the same period last year. As per the data released by the Society of Indian Automobile Manufacturers (<keyword id="108827" type="CITY" weightage="20" keywordseo="SIAM">SIAM</keyword>), a total of 1, 53, 758 units were sold in the domestic market in August; the number was 1,33,513 units last year. 
 <keyword id="6365618" type="CITY" weightage="20" keywordseo="Maruti-Suzuki-India">Maruti Suzuki India</keyword>, <keyword id="596" type="CITY" weightage="20" keywordseo="Hyundai">Hyundai</keyword> and Honda Motor are the top three car manufacturers in India. All three recorded a double digit growth in August 2014 as against August 2013. Maruti Suzuki had maximum domestic monthly sales i.e. 82, 823 units, which is up by 30% against the sales for same period last year. Car models that contributed the most to Maruti’s growth include Swift, Dzire, Celerio and Ertiga. 
 
The second biggest car manufacturer, Hyundai Motor India, sold 33,593 units in August 2014, registering a growth of 19% over the sales in same month last year. Honda Cars India’s growth rate for August 2014 was 27% as compared to the sales registered in the same period last year. 
 
These numbers surely hint at Indian automobile industry turnaround, albeit at a slower pace. Mr. Vishnu Mathur, SIAM Director General validates the same: “The auto industry is seeing a gradual increase and even the cumulative numbers are seeing improvements month-on-month. We can see a slow turnaround happening." 
 
Economic recovery and consumer sentiment 
 
There are some initial signs of economic recovery and those seem to be driving the growth in the car industry. The economic growth for the April-June 2014 quarter has been 5.7% as compared to 4.6% for the same period, last year. This economic growth rate is the highest in the last two and a half years period. The industry experts and analysts also feel the same; they cite slight improvement in the economy and a new government as the key factors bringing a positive shift in the consumer sentiment and driving car sales. 
 
New models pushed sales 
 
It’s the range of newly launched cars that won consumer’s heart, which includes Hyundai Xcent, Hyundai Elite i20, Hyundai i10 Grand, new Honda City, Honda Amaze, Honda Mobilio, among others. They have been lapped up well by the consumers and have also played an important role in driving the overall car sales. 
 
Heading for an annual surge 
 
The industry body, SIAM, indicates that this positive trend in sales growth is expected to continue in the next couple of months with the onset of the festival season and more new launches lined up. 
 
Experts are saying that riding high on the positive consumer sentiments and increasing sales growth, car sales are expected to be better during the festive season, which is usually the time when Indian consumers make their key purchase s the period is considered auspicious. This may further push up manufacturers’ the annual sales revenues. 
 
Industry research agencies are indicating a possible 12% growth in annual sales in the car segment for the fiscal, only if the growth trend continues. This can be a big leap for India’s automobile industry after two years of slump.

Car Sales Zoom In India: Will The Growth Continue?

<ul><li>India, as the fourth largest automobile market in the world, may be due for a digital shift since most of its consumers are going online for their research.</li><li>The ‘Drive to Decide 2018’ report by Google and Kantar TNS indicates that 90% of car purchases are digitally driven. </li><li>Brands are increasing their online presence in order to make most of the opportunity.</li></ul>Adding a car to your cart may be the next step in online shopping according to the ‘The Drive to Decide 2018’ report by Google and Kantar TNS. Consumers in India already do most of their research online — checking in with brand websites and looking at reviews — that 90% of car purchases are digitally driven. 
 
 
 
 
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 It’s not only about being online but also about being a country that’s so obsessed with YouTube that we use it like Google Search. 
 
 
 
 
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 Since people are doing their due-diligence before buying a car, they are also more loyal consumers. According to the report, since consumers are more certain about their choice, instance of them switching between brands has declines by 4% over the last two years from 11% in 2016 to 7% in 2018. Here’s why India is poised to be the next online market for cars India’s already the 4th largest auto industry in the world, <a href="https://www.ibef.org/industry/india-automobiles.aspx">according</a> to the India Brand Equity Foundation. Most of the demand for cars is coming from the rising middle class and the young population of India. These are also the people who are a <a href="https://imrbint.com/site/reports/i-cube">part of</a> India’s massive growth in online users. So brands are beginning to pivot their strategies to cater to prospective buyers. Automobile manufacturers are increasing their online presence in order to be a part of the consumers online journey. 
 
 
 
 <div type="ExtQuote" text="“From just searching for manufacturers and dealers online, buyers today are actively looking for videos to answer their questions around car features to reviews to vehicle performance and more. Consequently, the focus for auto manufacturers has also moved to creating more immersive experiences that allow them to drive this action.”" auname="Vikas Agnihotri, Country Director - Sales, Google"></div>









 It doesn’t matter whether its the automobile industry or not, the number of Indian users online as increased dramatically since Jio started offering cheap access to internet and affordable phones. Last year Rajan Anandan, the vice president for India and South East Asia at Google, <a href="https://www.exchange4media.com/digital-news/india-to-reach-650-mn-internet-users-by-2020rajan-anandangoogle-india-70074.html">disclosed</a> that India is adding nearly 10 million daily active internet users every month. He added that video watch time has seen a 400% year-on-year growth in the country. These findings were based on research conducted by Kantar TNS. The research covers 4,000 respondents in India engaged via online or face-to-face interviews with an average length of 25 minutes for telephone interviews and 30+ mins for face-to-face interviews. See also: <a href="https://www.businessinsider.in/heres-how-young-india-is-buying-cars/articleshow/55141536.cms">Here’s how young India is buying cars</a> <a href="https://www.businessinsider.in/in-india-used-car-businesses-see-renewed-interest-from-investors-with-cardekho-raising-110-million/articleshow/67380667.cms">In India, used car businesses see renewed interest from investors with CarDekho raising $110 million</a> <a href="https://www.businessinsider.in/can-latecomer-maruti-suzuki-rev-up-electric-car-sales-in-india/articleshow/67534315.cms">Can latecomer Maruti Suzuki rev up electric car sales in India?</a>

Indians are one step away from buying cars online

<ul><li>With their sales being hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices.</li><li><keyword id="6359432" type="UNKNOWN" weightage="20" keywordseo="britannia">Britannia</keyword>’s MD Varun Berry said there is some serious issue in the economy.</li><li>He’s not alone, leaders from the auto industry have raised their concerns as the segment is witnessing its worst sales slowdown.</li></ul>Questions are being raised by top Indian businessmen about the economic health of the country. The latest one to cry foul is fast moving consumer goods company Britannia. In the <a href="https://www.dnaindia.com/business/report-consumers-thinking-twice-before-buying-a-rs-5-pack-britannia-2781047">latest earnings call</a> of Britannia, the company’s MD Varun Berry raised some serious concerns about the <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword>. "We've grown only 6% and the market is growing slower than that. And that's a little bit of a worry, because even for a ₹5 product if the consumer is thinking twice before buying it, then there is some serious issue in the economy,” he said. This comes in even though Britannia holds one-third of market share in the Indian biscuit industry. With their sales hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices. India’s GDP has slumped to 6.8% in FY19, whereas <a href="https://www.businesstoday.in/current/economy-politics/india-economy-9-per-cent-gdp-growth-pm-modi-5-trillion-dollar-economy-target-ey/story/370433.html">analysts </a>say that for India to reach its dream of being a $5 trillion economy, the country’s GDP needs to grow steadily at 9%. The industry that has been worst hit has the auto industry which has seen a massive slowdown in sales has seen. Auto industry leaders like Pawan Munjal of HeroCorp, RC Bhargava of Maruti, Anand Mahindra of Mahindra &amp; Mahindra, have all been rallying for reduction of GST to boost growth in sales. Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. Earlier, Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. However, there are also some who believe this is just a phase. HDFC Chairman <a href="https://www.businesstoday.in/current/economy-politics/indias-economic-slowdown-driven-by-lower-consumption-temporary-in-nature-says-hdfcs-deepak-parekh/story/370229.html">Deepak Parekh</a> in the recent annual general meeting of the bank said, “While there has been an across-the-board slowdown in consumption, given the inherent demand and low penetration levels, I believe this is temporary in nature.”

Forget cars, Indian consumers are wary of buying a ₹5 biscuit packet

<ul><li><keyword id="44883" type="CITY" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> reports a year-on-year decline by 33.5% in its monthly sales. </li><li>It has done worse than market estimates of 20.9%.</li><li>India’s largest car manufacturer Maruti Suzuki’s profits for the first quarter of FY20 also fell by 27.3%</li></ul>Maruti Suzuki has sold 109,264 units in July 2019, registering a steep 33.5% fall in sales compared to the same month in the previous year. On a monthly basis, its July sales have fallen by 12.3% from its June. Maruti’s sales are worse than what the market expected. Market research firm Emkay Global forecasted that its year-on-year sales would fall by 20.9%. 
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 This fall is in spite of increasing discounts. Bowing down to the intense sales pressure, Maruti had also been increasing its ‘total cash discounts’ offered to consumers. While Alto models saw an 8% increase in discounts as compared to June, the Celerio Automatic and Dzire Diesel versions saw a steep increase of 23% and 27% respectively. India’s largest car manufacturer Maruti Suzuki’s profits fell by 27.3%. It total sales for the first quarter of FY20 fell by 17.9% as compared to the same quarter last year. July brought no cheer for carmakers who are hoping for a possible turnaround. “Volume performance is expected to remain weak across segments due to a high-base effect, increasing cost of vehicle ownership, monsoon deficit and financing issues,” said a report by Emkay Global.

Maruti’s July car sales fall by a shocking 33.5%, despite heavy discounts

<ul><li>In an exclusive interview with Business Insider, <keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword> CEO Vikram Chopra said the startup will breakeven by December 2019. </li><li>Having sold over 1.6 lakh cars since 2015, they plan to be in 70 cities by the end of the year. </li><li>Cars24 has been heavily advertising during the ICC Cricket World Cup and during the India vs Pakistan match, traffic to their website went up by 85%.</li></ul>Indian used cars platform Cars24 is set to breakeven by December 2019. Having raised over $100 million in funding, the platform which helps sellers sell their cars has grown rapidly since its launch in 2015. In an exclusive interview with Business Insider, Cars24 co-founder and CEO Vikram Chopra said that the company was on track to break even soon. “We operationally make money on every car and our funding needs are not very high,” said Chopra. Cars24 sells over 13,000 cars every month through its platform and over 4 years has sold 1.6 lakh cars. Currently present in 35 cities and 150 branches, Cars24 plans to be in 70 cities and 230 branches by 2019. “We only have 2% market share right now of the $30 billion used car market. In India, 5 million used cars are sold every year. Our objective is to take this number of 2% to 20% over the next 5 years,” said Chopra. Interestingly, they have been cashing in on television ads during the ICC Cricket World Cup. In fact, during the India vs Pakistan match the traffic to their website was up by 85%. At the same time, new car dealers witnessed a sharp fall in enquiries. The Indian auto industry has seen a massive slowdown in the selling of new cars. Passenger vehicle sales in India have been on a <a href="https://www.businessinsider.in/june-monthly-car-sales-data-points-to-a-severe-slowdown-in-india/articleshow/69985355.cms">downtrend for seven months and June 2019</a> won’t be any different. Consumer sentiment has suffered due to cost increase amid strict safety regulations, delay in monsoon, rural stress, slowing economy and liquidity constraints. However, that hasn't interrupted the sale of used cars. While new car sales have been shrunk eight months in a row, Chopra said that Cars24 sales have grown at the rate of 5% month-on-month. Building a seller first model Chopra and his co-founder Mehul Agrawal were the founders of Fabfurnish – an online marketplace for furniture, which also saw interest from Future Group chairman Kishor Biyani but the deal failed to materialise. However, with that venture, they realised one thing – their next business had to focus on the sellers. “We have so many businesses in India that is solving problems for the consumer. Everyone always thinks demand first, we rarely think about the supply side of the problem. India actually has interesting supply side problems where a seller doesn’t know where to go to sell his/her car,” said Chopra. From their very first location in 2015 next to a petrol pump in Gurugram where they saw sellers come all the way from Noida, today Cars24 is spreading its business across cities and states in India. And now is ready to see some profit. See Also: <a href="https://www.businessinsider.in/june-monthly-car-sales-data-points-to-a-severe-slowdown-in-india/articleshow/69985355.cms">Car makers in India may have more bad news to share on Monday</a>

EXCLUSIVE: Cars24 is racing towards profitability as Indians choose used cars over new ones

<ul><li>Production cuts at Maruti worsen the impact of slowing car sales in India. </li><li>Suzuki shares fell over 4.3% in Japan on Monday, and another 3.3% a day later, due to the threat to its earnings after the slump in India. </li><li>Maruti accounts for over 52% of Suzuki’s global sale volumes. </li></ul>Thousands of miles away from India, the share price of Suzuki is taking the beating for Indians shying away from car showrooms. The stock lost over 4.3% on Monday, and 3.3% on Tuesday, together worth nearly $2 billion in market capitalisation due to the falling demand for cars in general in India, which is eating into the profits of its Indian partner Maruti. India’s largest car maker <keyword id="44883" type="DOMAIN" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> has cut production for the fifth consecutive month due to lack of demand. Overall output in India will be down 15% while that of small cars will down to half in July compared to a month earlier, Maruti said. Maruti’s shares fell 4.8%, shedding ₹7,000 crore in market value on Monday. “In view of the current sales environment, we lower our estimates for India domestic sales to +0.2% for FY2019 (from +5.4%) and +3.7% for FY2020 (+6.4%),” JPMorgan said in a report. This will be a debilitating blow for Suzuki for whom India makes for <a href="https://economictimes.indiatimes.com/industry/auto/maruti-continues-to-drive-suzukis-global-growth-story/articleshow/67860711.cms?from=mdr">over half of all its global sale volumes</a>. All Indian car makers put together saw a decline in sales of 18.8% in June, the <a href="https://www.businessinsider.in/june-monthly-car-sales-data-points-to-a-severe-slowdown-in-india/articleshow/69985355.cms">seventh straight monthly fall in car sales</a>, and the worst in 18 years, as per the Society of Indian Automobile Manufacturers (SIAM). In September 2001, after the tech bubble burst plunging the global economy into a temporary crisis, the sales had dropped down by 21.91%. 
 
 
 
 
 
 
 
 
 
 
 
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 The current slowdown in car sales is largely attributed to a broader economic slowdown, lack of jobs, and a decline in consumer sentiment over the last couple of years, starting from the demonetisation in November 2016 followed by the introduction of the Goods and Services Tax (GST) soon after. In rural India, the decline in demand for cars is attributed to a protracted farm crisis, made worse by the ongoing water crisis and deficient monsoon in many parts. This has had a significant impact on Maruti, which has a deeper reach and penetration outside the big cities too. People in India increasingly prefer cab aggregators like Ola and Uber, or even <a href="https://www.businessinsider.in/cars24-used-cars-startup-could-soon-turn-profitable-will-breakeven-by-december-2019/articleshow/69993448.cms">second hand cars to new ones</a>. Double whammy However, the declining sales have not led to a fall in its price. The price of cars is on a rise due to the new emission norms set to kickstart in India from April 2020. The new mandatory BS-VI (Bharat Stage-VI) emission norms are set to make the <keyword id="421590" type="PERSON" weightage="20" keywordseo="diesel-engine">diesel engine</keyword> operated vehicles, especially cars, more expensive. “The rollout of new emissions standards (BS6) and Suzuki's competitive edge (mainly in gasoline cars), we think conditions are currently at their worst amid a bleak short-term earnings outlook, and continue to believe that now is the time to consider medium-term investment,” JPMorgan said. SEE ALSO: <a href="https://www.businessinsider.in/union-budget-2019-indian-government-announces-tax-subsidy-for-purchasers-of-electric-vehicles/articleshow/70091003.cms">Tata Motors, Maruti, Mahindra will benefit from tax deductions on electric vehicles</a> <a href="https://www.businessinsider.in/cars24-used-cars-startup-could-soon-turn-profitable-will-breakeven-by-december-2019/articleshow/69993448.cms">EXCLUSIVE: Cars24 is racing towards profitability as Indians choose used cars over new ones</a> <a href="https://www.businessinsider.in/tata-motors-jaguar-land-rover-moodys-downgrade/articleshow/69889499.cms">Jaguar Land Rover is dragging Tata Motors along in its downward spiral</a>

You Searched For "Car sales in India" and got 13 results

Car sales in India have slumped to a 18-year low even after deep discounts

BI India Bureau

EXCLUSIVE: Cars24, a startup selling used cars, wants outlets in 300 cities and is looking for potential franchisees

Sanchita Dash

Six out of the top ten most selling cars in India in October are from Maruti Suzuki

Sourabh Jain

Car sales are woefully slow in India but prices are rising due to new green norms

Sanchita Dash

A global investment firm has 'SELL' rating on 70% of Indian car makers because sales may not pick up speed

Sanchita Dash

Tata Motors dominates the EV car market in December with Tiago leading the charge

Sourabh Jain

Maruti, Hyundai post single-digit rise in June PV sales; industry crosses record 20 lakh units in H1 2023

PTI

Car Sales Zoom In India: Will The Growth Continue?

Pallavi Srivastava

Indians are one step away from buying cars online

Prabhjote Gill

Forget cars, Indian consumers are wary of buying a ₹5 biscuit packet

Sanchita Dash

Maruti’s July car sales fall by a shocking 33.5%, despite heavy discounts

Sanchita Dash

EXCLUSIVE: Cars24 is racing towards profitability as Indians choose used cars over new ones

Sanchita Dash

Suzuki just lost nearly $2 billion in 2 days because of what’s happening in India

BI India Bureau

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