Last updated: 08 May, 2020 | 08:39 am
The top carmakers around India couldn’t sell a single vehicle to dealers in April, as production shut down in April amid the countrywide lockdown. This is new for car manufacturers around the country as they hope demand revives once the lockdown is lifted.
A massive drop in Domestic Passenger Vehicles!
The chart above shows the YOY% change in domestic passenger vehicles from March 2019 – March 2020. It is evident that the auto sector has been on a steady decline for a year now. Sales tumbled 51% YOY as of 31st March, got significantly worse the following month. This is the worst decline since 1997-98 when the auto industry body started to record data.
Green Shoots in Auto
Car executives expect car sales to pick-up gradually post lockdown for the following reasons: