Passenger car sales in India down by 10.15 per cent in April 2014

According to a report from SIAM, overall passenger car sales within India fell by 10.15 per cent in April, this year, in comparison to sales figures in the same period last year. The sales numbers stood at 1,35,433 units in April 2014, while it was 1,50,737 units in the corresponding month in 2013.

Not just passenger vehicles but sales of commercial vehicles also declined by 24 per cent. Only 43,080 units were sold in April. Exports were down by 0.95 per cent with 41,759 vehicles sold overseas last month. Last year in the same month, 42,161 cars were exported. However, vehicle sales across categories saw a hike of 6.96 per cent with 15,69,670 units in April 2014 as against 14,67,472 units in April 2013.

This is the biggest decline since May 2013 and times are hard for a few manufacturers to keep the sales numbers going. Most carmakers are just managing to keep their sales figures up to the mark with the help of new product launches. Domestic passenger car sales have been low and we expect the situation to change only on the onset of the festive season when consumers in India opt for buying new cars.

The election results are round the corner and with a pro-development party expected to come into power, investors have already made the BSE Sensex to soar immensely. The markets have opened at a record high. With such positive sentiments in the market, let’s hope the auto industry also sees a boom in the coming months.

Source: Financial Express