Passenger vehicle sales in the country fell 23.69 per cent last month, data from industry body SIAM or the Society of Indian Automobile Manufacturers showed on Friday. That marked the longest ever streak of falling sales for the country's automobile industry. The data comes at a time the country's auto sector is struggling against weak demand leading to production cuts and lakhs of estimated job cuts. In its report released on Friday, the industry body said 2,23,317 passenger vehicles were sold in September, marking a decline of eleventh month in a row. The industry body hoped that the government measures would lead to growth momentum.
Reuters | Friday October 11, 2019, New Delhi/Bengaluru
Passenger vehicle sales slumped 23.7% in September - the eleventh straight month of declines - amid one of the worst slowdowns seen in India's auto industry, data released by an industry body showed on Friday.
Bosch said in a regulatory filing on Friday that it would continue to observe "no production days ranging up to 10 days per month per plant" during the third quarter of current financial year.
Maruti Suzuki said its total passenger vehicle sales in the domestic market fell 27.10 per cent to 1,10,454 units. Maruti Suzuki shares rose around 2 per cent in intraday trade.
The two companies have for months been structuring the deal to create a new entity in which Ford will hold a 49 per cent stake, while rival Mahindra will own 51 per cent, Reuters reported in April.
Maruti Suzuki has cut ex-showroom price of Alto 800, Alto K10, Swift Diesel, Celerio, Baleno Diesel, Ignis, Dzire Diesel, Tour S Diesel, Vitara Brezza and S-Cross by Rs 5,000.
the country's automobile industry, which has been heavily dented by the consumption slowdown, has been demanding a reduction in GST from 28 to 18 per cent.
At present, the entire auto sector suffers from a sales downturn due to several factors like high GST rates, farm distress, stagnant wages and liquidity constraints.
