April car sales fall the most in about 9 years
May 20, 2019
Even though people are still in love with luxurious and supercars but automobile sales have fallen down last month. Most of the customers decided not to make a purchase before the result of general elections. The sales of vehicles have been declined to 247,541 to 17% units. The tight liquidity and high costs of insurance can be the reason behind it according to the Indian Automobile manufacturer’s society. The drop in passenger vehicle sales was the sharpest since October 2011. The economic growth has slowed down and the sales of commercial vehicles fell down to 68,680 to 6% units. According to Fugato Sen., ‘If you look at the retail numbers, sales have fallen across categories.’ Due to the decrease in demand, the manufacturers are also preventing themselves from manufacturing more vehicles.You Might Also Like: Best selling cars in the worldWhen seen the SIAM data, the retail sales of all passenger vehicles has been declined to 1.28% and commercial vehicles have gone down to 11%. The two-wheeler’ retail demand dropped down to 7% in the month of April. Sen, also explained that there are various adverse factors due to which sales have gone down. Mainly tight liquidity and high insurance cost is the reason due to which there is uncertainty seen in the buyer’s mind.