No festive cheer for auto sector, production falls by 21.14 per cent in October: SIAM (Photo Credit: File Photo)
As the Indian auto sector faces the worst slump in decades, all the automakers are suffering from huge losses. Notably, October was the 12th consecutive month when the major automakers reported a massive fall in the sales and productions figure. Despite the festive season, the overall production of passenger vehicles in October this year witnessed a de-growth of 21.14 per cent.
According to data released by the Society of Indian Automobile Manufacturers (SIAM) released on Monday, the overall production of passenger vehicles declined by 21.14 per cent in October 2019 over the same period last year. The overall production of passenger vehicles in October 2019 stood at 2,69,186. In October 2019, the production for passenger vehicles stood at 3,41,363.
From April to October 2019, the overall production of vehicles declined by 16.66 per cent. The overall production of passenger vehicles from April to October 2019 stood at 2,039,543. However, as compared to the same period last year, the total production pf vehicles stood at 3,41,363.
The sale of passenger vehicles saw a marginal growth of 0.28 per cent in October 2019. The overall sale of passenger vehicles in October 2019 stood at 2,85,027. In October 2018, the sale of passenger vehicles stood at 2,84,223.
Within the Passenger Vehicles, the sales for passenger cars, utility vehicles & vans declined by 6.34 per cent. On the other hand, the overall sales and production of two-wheelers declined by 14.43 per cent and 26.57 per cent respectively.
It is worth mentioning here that from April to October 2019, the sales of vehicles declined by 20.22 per cent.