Continuing the free fall, automobile sales in the country declined by 23.55% in August 2019 – the worst drop in monthly sales since the Society of Indian Automobile Manufacturers (SIAM) started recording wholesale vehicle sales data in 1997-98. This follows the steepest sales decline of 18.71% in nearly 19 years in July 2019 witnessed by the industry reeling under a prolonged demand slump, mainly due to poor consumer sentiment amid slowing economic growth. The vehicle sales across categories stood at about 18.21 lakh units in the last month, down from over 23.82 lakh units in August 2018, according to data released on Monday. Asked about the fall in commercial vehicle sales, Mr. Sharma said the liquidity crunch due the NBFC crisis is the likely reason. “Some solution is needed to be found on a war footing. If finance is not there, many people will not be able to buy vehicles,” he said.

(The Hindu)