India’s passenger vehicle sales declined the most in two decades in August due to a continuing slump in demand amid slowing economic activity and an increase in vehicle ownership costs.
Data released by industry body Society of Indian Automobile Manufacturers (SIAM) showed passenger vehicle sales decreased for the tenth straight month in August by 31.57% to 196,524 units. This is the sharpest fall registered since SIAM started recording data in 1997-98.Sales of commercial vehicles — a barometer of economic activity — dropped nearly 39% to 51,897 units. Two-wheeler sales declined 22.24% to 1,514,196 units. Vehicle sales across categories fell 23.55% to 1,821,490 units. Automakers in India report wholesale dispatches made from factories and not retail sales to customers