Struggle of Indian auto industry continued for ninth straight month due to rising ownership costs and sluggish economic growth. As per the Society of Indian Automobile Manufactures (SIAM), the domestic passenger car sales declined by 7.4% to 131,163 units as compared to 1,41,646 units in the same month of 2012.
Meanwhile, motorcycle sales also shed by 1.52% to 8,09,312 units in the last month as against 8,21,821 units in the corresponding month previous year, while total two-wheeler sales in July 2013 decreased marginally by 0.06% to 11,31,992 units from 11,32,696 units in the same period of previous year as rising fuel costs and high interest rates continued to spill water on consumer demand.
Total sales of commercial vehicles, including trucks and buses, too tumbled 14.93% to 55,301 units from 65,008 units in the year-ago period. While, total sales of vehicles across categories registered a fall of 2.08% to 14,15,102 units in July 2013 as against 14,45,112 units in the same month of 2012.
Currently, vehicle demand in the country is passing through a very bearish phase with demand declining continuously month-on-month, growth in commercial vehicle and passenger car segments have slipped faster than expected in last few months. Indian auto component manufacturer too are facing the heat of a global auto slowdown.
