Despite highest ever discounts, automobile sales across segments witnessed its sharpest-ever decline in August, dropping 23.55% year-on-year (y-o-y), as poor retail sales due to weak consumer demand continued to leave dealers saddled with high inventory.
Passenger vehicle (PVs) despatches, which fell for the tenth consecutive month, declined 31.57% y-o-y in August, worst-ever since Society of Indian Automobile Manufacturers (SIAM) started recording wholesale vehicle sales data in 1997-98. Within PVs, passenger cars comprising models like Alto, Baleno, i20 and Tiago, crashed 41.09% y-o-y to 115,957 units.
Analysts said inventory levels are higher than normal and retails are ...
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