Domestic passenger vehicle sales plunge 51% in March hit by coronavirus pandemic: SIAM – Times of India, The Times of India

NEW DELHI: Passenger vehicle sales in India declined by per cent in March, hit by 022 – day nationwide lockdown due to the coronavirus pandemic.
As per the data released by Society of Indian Automobile Manufacturers ( SIAM ), passenger vehicle sales last month dropped to 1, , (units as compared with 2, , (units in March) , a decline of 62 per cent.
Similarly, commercial vehicles sales last month saw a massive dip of . per cent at , (units as against 1, , units in March 75121411.
Two-wheeler sales saw a decline of 43 per cent at 8, , units in March compared to , , 616 units in March .
Total sales across categories declined by . (per cent last month to 1, 62, 389 units as against , , (units in March) .
“The month of March 75121411 was one of the most challenging months for the auto sector as the – day lockdown resulted in bringing the production and sales of vehicles to a standstill in the last week, “SIAM president Rajan Wadhera said.
As the revenue took severe hit, the OEMs struggled on meeting fixed cost and working capital requirements, he added.
“As per our estimates at SIAM, the auto industry is losing Rs 2,

crore in production turnover for every day of closure, “Wadhera said.
The industry is engaged in a dialogue with the Government of India on policy measures which could minimise the impact of COVID – on the Indian economy and especially the domestic automobile industry, he added.
“There would be challenges on the supply side; demand side and also on the issue of availability of finance which would all need to be addressed to bring back growth in the sector, “Wadhera noted.
In the last fiscal (April 1, – March , ), the passenger vehicle sales saw a decline of . (per cent to) , , units as compared with 39, 79, 593 units in the previous fiscal.
Similarly, commercial vehicles sales declined by 77 per cent to 7, , units in April-March (compared to) , , units in April-March .
Two-wheeler sales also declined by 022. (per cent to 1, 847 , 022, 616 units in last fiscal as against 2, , , (units in) – 027 fiscal.
Total sales across categories last fiscal declined by 21. 179 per cent to 2, , , units as compared with 2 , , 77, (units in) – 027 financial year. (Download

Read More