The booming Indian Automobile market going down, where all the global investors were rushing to invest just two years back, now going back.
According to figures released by the Society of Indian Automobile Manufacturers (SIAM) Report shows personal vehicles sales went 31% Down in July 2019.
Country’s biggest carmakers are now struggling. New safety and emission rules and regulations have driven up prices, troubles among India’s consumer finance providers have hit lending and a broader economic crash down has made consumers to spend.
Maruti (MSIL), the market leader and growth indicator for decades, has suffered a 36.7 percent sale loss compared to the same month in 2018. Maruti struggled to even reach 1 lakh units this month, with a total sale of 96,478 units.
This massive drop in sales has happened despite the introduction of recent models like the Mahindra’s XUV300, the Hyundai Venue and the MG Hector.
Due to less demand, manufacturers are also having to cut down on production, sometimes even shutting their factories down to adjust inventory.