The first quarter of the 2019-2020 fiscal year began on a depressing note for the auto sector, while car sales declined by 42 pc.
Suzuki Motors was hit worst as its sales plunged by 70pc in the first quarter of the current fiscal year. It was followed by Honda and Toyota with a decline of 65% and 60% respectively. The main factor behind the decline in car sales is a 46% increase in car prices in a year and a half.
The first month of 2019-20 started off on a depressing note for the auto sector with 23 percent and 42 percent declines in car production and sales respectively to 16,472 and 10,968 units. Likewise, imports of used cars also plummeted massively. In the first quarter of FY 2019-20, as many as 22000 used cars were imported. During the same period in the previous fiscal year, the numbers stood at 82000 units.
Back then in July 2018, 4664 units of Honda Civic were rolled out in the market. During the same month in the ongoing fiscal year, the production plummeted to 2371 units while the company was successful only in selling 1452 units.