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Passenger Vehicle Sales Fall Nearly 24% In September: Industry Body SIAM

Data from industry body SIAM showed that 2,23,317 passenger vehicles were sold in September, marking a decline of eleventh month in a row.

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Auto sales news: Passenger car sales fell 33.40% to 1,31,281 units last month, SIAM data showed

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.
Here are five things to know about the car sales data released on Friday:
  1. A total of 1,31,281 passenger cars were sold in the country last month, marking a fall of 33.40 per cent compared to the corresponding period a year ago, the SIAM data showed.
  2. A total of 20,04,932 passenger as well as commercial vehicles were sold in September, marking a fall of 22.41 per cent, while production decreased 18.29 per cent to 2,406,640 units. That included passenger vehicles, utility vehicles, vans, two- and three wheelers and commercial vehicles.
  3. The car and utility vehicles segment was largely impacted by slowing economy, low consumer sentiment, floods in key markets, a drop in rural demand and increase in insurance cost, SIAM said in a presentation. 
  4. "We are preparing for best-case and worst-case scenarios ... worst case there will be more production and job cuts," said SIAM president Rajan Wadhera.
  5. Two wheeler sales in the domestic market dropped 22.09 per cent year-on-year to 1,656,774 in September, it showed.
  6. Total sales of commercial vehicles - including light, medium and heavy carriers of passengers and goods - fell 39.06 per cent to 58,419 units, according to SIAM. 
  7. In the first six months of current financial year, a total of 1,66,45,330 vehicles were produced. That included passenger vehicles, commercial vehicles, two- and three-wheelers, and quadri-cycles, and marked a fall of 13.32 per cent over the corresponding period a year ago.
  8. Exports of utility vehicles, however, increased 28.75 per cent to 13,235 units in September. That led to a 5.64 per cent rise in total passenger vehicle exports to 61,333 units, SIAM data showed. 
  9. Car and auto component makers have cut lakhs of jobs and halted some production as the industry grapples with various challenges amid a broader economic slowdown. The government stepped in last month, announcing a corporate tax cut to boost manufacturing and lift growth.
  10. The auto industry is getting ready for the implementation of BS-6 emission norms, SIAM said. It urged oil companies to make BS-6 fuel available across the country from February 1. 




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Highlights

1
Sales of passenger cars fall 33.40% in September, SIAM data shows
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Industry body's data highlights longest ever streak of falling auto sales
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SIAM hopes government measures to lead to growth momentum

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