Vehicle production sees a steep fall in January, reveals SIAM
The Society of Indian Automobile Manufacturers (SIAM) said on Monday (February 10) that vehicles production declined by 10.57% (21.51 lakh) in January 2020 compared to the output in January 2019 (24.05 lakh).
These figures include vehicles in passenger, commercial, three-wheeler, two-wheeler and quadricycle category.
The dip of 8.10% has been registered in the sales of passenger cars compared to the sales in January 2019. Vans sales saw a dip of around 27.7% and 16.06% in two-wheelers segment. Commercial vehicles sales was the worst-hit with a dip of 14.04%.
Utility vehicles and three-wheelers are only categories which registered an increase. Utility vehicles sales increased by 2.57% and 12.68% for three-wheelers.
Exports also took a hit with a 24.54% decline. Passenger vehicle category saw a fall of 7.17%, three-wheelers 7.17% and two-wheelers 23.40%, revealed SIAM in a tweet.
Rajan Wadhera, President, SIAM said, “Sales of vehicles continue to be stressed due to the rising cost of vehicle ownership and slower GDP growth. We are hopeful that the recent announcements of the government on infrastructure and rural economy would support the growth of vehicle sales going forward, especially in commercial vehicle and two-wheeler segment.”