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Archives

July sales slump worst in 19 years

21/08/2019 | Author: Autoguide | 0 Comments Back To Home   < Previous News   |   Next news >

15k workers lose jobs, 300 dealerships shut

Hit by poor consumer sentiment, the automobile industry witnessed its monthly sales decline 18.71 per cent in July, the worst ever in nearly 19 years.
 
The continued downturn has forced the industry to resort to job cuts and reiterate its demand for a stimulus, particularly ahead of the festive season.
 
As per the data released by industry body SIAM, vehicle sales across categories fell to over 18.25 lakh units in July 2019, down from more than 22.45 lakh units in the year-ago month. Previously, the biggest slump of 21.81 per cent was seen nearly two decades back, in December 2000.
 
The decline in July was led by the passenger vehicles segment, which saw sales plunge almost 31 per cent to a little over two lakh units. This too was the steepest since the decline of 35.22 per cent in December 2000. While car sales were down nearly 36 pc to over 1.22 lakh units, UV sales fell 15.22 pc to 67,030 and those that of vans were down 45.68 per cent to 10,804 units
.
Likewise, the total two-wheeler sales in July were down 16.82 per cent to over 15.11 lakh units as against over 18.17 lakh units in July 2018. While scooter sales were down 12 pc to more than 5.26 lakh units, motorcycles slumped nearly 19 per cent to about 9.33 lakh units.
 
For commercial vehicles, which are usually seen as an indicator of economic growth, sales were down 25.71 per cent to 56,866 units as compared to 76,545 units in July last year. 
 
“The data shows how urgent the need is for a revival package from the Government. There is urgent need for some kind of action. The industry is doing all it can to promote sales, including huge discounts. I think this is the time when the industry really needs the support of the Government (in the form of a) revival package,” Mr Vishnu Mathur, Director General of SIAM, said. 
 
SIAM, which had last month warned of job losses if the slowdown continued, admitted that as many as 15,000 jobs, comprising temporary and casual workers, have been cut by auto makers over the last two to three months. Besides, component makers have already warned of trimming over a million jobs.
 
“With plunging sales, nearly 300 dealerships have been forced to close down leading to loss of around two lakh jobs,” Mr Mathur said.
 
The SIAM chief added that the industry was hoping that the Government would soon come out with a revival package. “If the Government announces some relief package then there could be a positive impact during the festive season. But, the package should come by August-end or early September and if they announce something they should also implement immediately”, he said.
 

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