Passenger vehicle sales drop 31 per cent in July, auto industry sees over 2 lakh job losses
New Delhi | Jagran Business Desk: Declining for the ninth consecutive month, domestic passenger vehicle (PV) sales dropped 30.98 per cent to 2,00,790 units in July, from 2,90,931 units in the same period a year ago.
Domestic car sales were down 35.95 per cent at 1,22,956 units as against 1,91,979 units in July 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday.
Motorcycle sales last month declined 18.88 per cent to 9,33,996 units for the month as against 11,51,324 units in the year-ago period.
Total two-wheeler sales in July declined 16.82 per cent to 15,11,692 units compared to 18,17,406 units in the year-ago month.
Sales of commercial vehicles were down 25.71 per cent to 56,866 units in July as compared with 76,545 units in the year-ago period, SIAM said.
Vehicle sales across categories registered a decline of 18.71 per cent to 18,25,148 units from 22,45,223 units in July 2018, it added.
In fact, all vehicle categories witnessed decline in sales during the month.
The auto industry has witnessed 2.15 lakh job losses due to the slowdown. Nearly 300 dealership outlets have vanished, resulting in two lakh people losing jobs. Another 15,000 job losses have been reported by original equipment manufacturers (OEMs), SIAM said.
Besides, 10 lakh jobs are under threat in vendors or component manufacturing segment of the auto sector due to tight liquidity conditions and poor consumer sentiment, it added.
Posted By: Abhinav Gupta