Auto sales headed for a downturn as per SIAM estimates
As per SIAM, rise in commodity price, elections, below normal monsoon and recent repo rate cut by RBI big reasons for such forecast
Society of Indian Automobile Manufacturers (SIAM) has forecasted a single digit growth for overall vehicles sales in FY20.
In its latest forecast, SIAM has stated that the rise in commodity price, election, below normal monsoon and recent repo rate cut by the RBI have been big reasons for this forecast. As per SIAM projections, passenger vehicle (PV) sales are expected to grow between 3 to 5 per cent.
"If we look at the positive side then we have continued to grow, though not in high single-digit or double-digits, but low single-digit. Also, it is the highest-ever sales and production in a financial year," SIAM President Rajan Wadhera was quoted in reports.
It must be mentioned that during 2018-19, market leader Maruti Suzuki India (MSI) sold 17,29,826 units of PVs at a growth of 5.25 per cent, while its competitor Hyundai Motor India clocked 5,45,243 units, up 1.68 per cent. On the other hand, Mahindra & Mahindra's PV sales were at 2,45,351 units posting a growth of 2.21 units, according to SIAM data.
In March this year, PV sales dropped 2.96 per cent, making it the eighth decline in eight months. The sales stood at 2,91,806 units during the month from 3,00,722 units in the year-ago period.
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