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New Delhi, February 10, 2020
Ease in lending rates and other measures announced by the Centre to boost the economy seem to have had no effect on the sale of vehicles in January, with domestic passenger vehicles' sale decreasing by over 17,000 compared with January last year.
According to industry body Society of Indian Automobile Manufacturers (SIAM), the domestic passenger vehicle sales slipped by 6.2 per cent from 280,091 units in January 2019 to 262,714 units last month.
Sales of cars declined by 8.1 per cent last month, compared with January last year. Motorcycle sales last month declined by 15.17 per cent to 8,71,886 units from 10,27,766 units in January 2019.
Two-wheeler sales in January fell 16.06 per cent to 13,41,005 units compared with 15,97,528 units in the comparable month last year.
Sales of commercial vehicles, a proxy for the industrial health of the economy, slipped 14.04 per cent to 75,289 units in January, SIAM said.
Vehicle sales across categories registered a de-growth of 13.83 per cent to 17,39,975 units from 20,19,253 units in January 2019, SIAM said.