Sales of passenger vehicles are slipping every month pushing the automobile sector into a downturn. By when will the trend reverse?
IF ONE PUTS TOGETHER all the voices emanating from the Indian automobile industry over the past three months, they would make for an unending tale of woes. Sample these: “The industry has recorded de-growth for the tenth consecutive month. Weak consumer sentiments are reflected in this demand de-growth and we have also been impacted,” rued Mayank Pareek, President, Passenger Vehicles Business Unit, Tata Motors last month. Girish Wagh, President, Commercial Vehicles Business Unit, Tata Motors talked of the same effect, although he ascribed a definitive reason for the plight: “The industry is yet to recover from the revised axle load norms while the postponement of demand due to general elections has also dragged down CV sales,” he said.
This story is from the June 8, 2019 edition of Businessworld.
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This story is from the June 8, 2019 edition of Businessworld.
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