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Last updated: 10 Jul, 2019  

Car.9.thmb.jpg Car sales slump 24 percent in June

Car.9.jpg
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SME Times News Bureau | 10 Jul, 2019

The Indian Automobile Manufacturers (SIAM) on Wednesday said domestic passenger car sales continued to slump with the segment's off-take falling 24.07 per cent in June.

According to industry observers, high cost due to GST, low demand, and lack of adequate liquidity continued to dent purchases.

According to the SIAM, passenger car sales in the domestic market dropped to 139,628 units from 183,885 units sold during June 2018.

Among the other sub-segments of passenger vehicles, the number of utility vehicles sold in India went down by 0.99 per cent to 72,917 units in June 2019, while 13,187 vans were sold last month, down 18.7 per cent from the corresponding month of 2018.

Overall, passenger vehicle sales declined 17.54 per cent in June to 225,732 units from 273,748 units.

Sensex and Nifty ended lower after the weak auto sales figures, along with surging oil prices dampened investor sentiments.

The Sensex closed 173.78 points or 0.45 per cent lower at 38,557.04 while the Nifty settled at 11,498.90, down by 57 points.

 
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