According to a report from SIAM, overall passenger car sales, including utility vehicles fell by 0.54 per cent in June this year. This is the first decline in passenger car sales since October last year.
The decline in sales is attributed to the slow economic activity and weak consumer sentiments in our country. The report shows that the passenger vehicles sales had decreased by 7.52 per cent in October last year, when the economy was in a much weaker position. This time, a few carmakers had shut down their production for annual maintenance. The performance in sales has also been affected due to the delay in car dispatches from these facilities.
Though the passenger sales are down, the sales of commercial vehicles saw a hike of 0.72 per cent. Nevertheless, the domestic passenger car sales are expected to increase soon with the onset of the festive season in late August. Many new car launches have been scheduled considering the sentiments of the consumers who look to buy a car in this period. So let us hope for a revival of demand in cars soon.