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September PV sales dive 24 pc as slowdown persists: SIAM
Passenger vehicle sales slumped 23.7 per cent in September, the eleventh straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon.
Passenger vehicle sales dropped to 223,317 units in September, the Society of Indian Automobile Manufacturers (SIAM) data showed, while passenger car sales dived 33.4 per cent to 131,281 units.
SIAM’s data comes as the domestic automobile industry faces a crippling slowdown in demand that has led to production cuts and thousands of job losses. The industry is seeing its longest ever streak of sales decline.
“We are preparing for best-case and worst-case scenarios ... worst case there will be more production and job cuts,” said Rajan Wadhera, President, SIAM. Car and auto component makers have cut thousands of jobs and halted some production as the industry grapples with various challenges amid a broader economic slowdown.
On Friday, SIAM’s Wadhera said it expected some improvement in the situation on the back of the festive season.
However, Wadhera refrained from giving out a forecast for future sales, saying SIAM would maintain a cautious stance until October performance numbers are in.
RCEP should not lead to job losses: SIAM
Proposed mega trade deal RCEP should not lead to job losses, and hurt the Make in India initiative, SIAM cautioned ahead of the trade ministers’ meeting of the bloc in Bangkok on Oct 12. Trade ministers of RCEP countries will discuss issues related to investment, e-commerce, rules of origin and trade remedies. While there has to be give and take being a part of the global economy, under such trade pacts imports of completely built units of auto must not be allowed.