India’s car market has witnessed a 6 percent decline in passenger vehicles, accounting for the third straight month of loss in the car market.
According to latest data from the Society of Indian Automobile Manufacturers or SIAM showed that the sales of passenger vehicles, including the passenger cars, utility vehicles and vans, was 262,714 units in December, the data showed, compared to 280,091 units in January 2019. This is the third straight month of decline.
The sale of commercial vehicles was down 14 per cent to 75,289 units in January 2020 in comparison to 87,591 units in January 2019 and two-wheeler sales were down by 16 per cent to 1,341,005 units in January 2020, compared to 1,597,528 units in January 2019.
Director General, SIAM, Rajesh Menon said that the wholesale sales continued to dip in all the segments barring the three-wheelers segment. The three-wheeler segment registered a 13 percent increase in sales to 60,903 units in the month of January compared to 54,043 in January, 2019.
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He cited rising cost of vehicle ownership and slower growth in the Gross Domestic Product (GDP) as the reasons behind the drop in the sales of cars in the country. However, the SIAM Director General is hopeful that the sales will increase gradually considering the recent announcements of the Union government on infrastructure and rural economy.
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