India’s automobile sales plummeted in November, seeing one of the biggest falls, even as exports spiked by 62% during the month. According to the latest figures released by the Society of Indian Automobile Manufacturers (SIAM), tighter lending by banks and slowing economy have led to auto sales plunging by 18% in the domestic market in the month of November as against the figures in the same month last year.
Category wise, commercial vehicle sales almost halved (50%) in November to 20,637 units from 40,879 units in the same month last year, while passenger car sales dropped comparatively less (20%) to 83,059 units from 1,03,031 units in the same month last year. Demand for passenger cars in India has fell in four of the past five months.
In the two-wheeler segment, two-wheeler sales fell 15% to 5,67,502 units from 6,65,181 units in the same period last year while motorcycle sales fell 20% to 4,31,171 units as against 5,40,553 units in the corresponding month a year ago.
Exports have however been the saving grace this month, total vehicles exports rising by 62% to 146,337 units in November against 90,398 units in the same month last year, led by passenger vehicles, motorcycles, scooters and three-wheelers. Break up among the export figures show that, passenger car exports rose almost twice at 34,607 units compared with 15,464 units in the year-ago period. Two-wheeler exports jumped 52% in November to 89,245 units compared with 59,041 units in the year-ago period. And motorcycle exports rose a similar 51% to 85,549 units from 56,739 units in the corresponding month 2007.
However experts feel that this is not the right period to gauge the automobile sector’s performance. The picture would be clear only by February- March, as by then some impact of the excise duty cut would have been felt and if financing situation improves, sales could pick up.
The fall in sales in India came as a blow to carmakers who were hoping that emerging markets like India, China, Russia and South America would make up for falling demand in developed markets.
Sales have plunged hugely this year across developed markets like the United States, Japan and Europe, as well as emerging economies like China and Russia, forcing automakers to revisit their plans for developing markets.
Category wise, commercial vehicle sales almost halved (50%) in November to 20,637 units from 40,879 units in the same month last year, while passenger car sales dropped comparatively less (20%) to 83,059 units from 1,03,031 units in the same month last year. Demand for passenger cars in India has fell in four of the past five months.
In the two-wheeler segment, two-wheeler sales fell 15% to 5,67,502 units from 6,65,181 units in the same period last year while motorcycle sales fell 20% to 4,31,171 units as against 5,40,553 units in the corresponding month a year ago.
Exports have however been the saving grace this month, total vehicles exports rising by 62% to 146,337 units in November against 90,398 units in the same month last year, led by passenger vehicles, motorcycles, scooters and three-wheelers. Break up among the export figures show that, passenger car exports rose almost twice at 34,607 units compared with 15,464 units in the year-ago period. Two-wheeler exports jumped 52% in November to 89,245 units compared with 59,041 units in the year-ago period. And motorcycle exports rose a similar 51% to 85,549 units from 56,739 units in the corresponding month 2007.
However experts feel that this is not the right period to gauge the automobile sector’s performance. The picture would be clear only by February- March, as by then some impact of the excise duty cut would have been felt and if financing situation improves, sales could pick up.
The fall in sales in India came as a blow to carmakers who were hoping that emerging markets like India, China, Russia and South America would make up for falling demand in developed markets.
Sales have plunged hugely this year across developed markets like the United States, Japan and Europe, as well as emerging economies like China and Russia, forcing automakers to revisit their plans for developing markets.
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