SIAM says 10 lakh jobs are under threat due to poor consumer sentiment
SIAM says 10 lakh jobs are under threat due to poor consumer sentiment

Passenger vehicle sales skid 31 pc in July, sector facing massive job losses: SIAM

ANI | Updated: Aug 13, 2019 12:57 IST

New Delhi [India], Aug 13 (ANI): Domestic passenger vehicle sales fell 30.9 per cent in July, marking a ninth straight decline in monthly sales amid a deepening crisis in the automobile sector that has triggered massive job losses, the Society of Indian Automobile Manufacturers (SIAM) said on Tuesday.

In July 2019, total passenger car sales were 200,790 as compared to 290,930 in July 2018. Two-wheeler sales were down by 16.82 per cent to 1,511,692 as compared to 1,817,406 in the same month of last year.

Commercial vehicle (including medium, heavy and light commercial vehicle) sales plunged by 25.71 per cent with 56,866 vehicles being sold in July 2019 as compared to 76,545 in July 2018.

Three-wheeler sales were down by 7.66 per cent with 55,719 units being sold in July this year as compared to 60,341 sold in the same month last year.

Total vehicles (including two and three-wheelers) sales were 1,825,148 as compared to 2,245,223 units sold in July last year.

The auto industry has witnessed 3.45 lakh job losses due to the slowdown. Nearly 300 dealership outlets have shut vanished, resulting in 2.3 lakh people losing jobs. Another one lakh job losses have been reported by auto component manufacturers and 15,000 by original equipment manufacturers (OEMs), said SIAM.

Besides, 10 lakh jobs are under threat in vendors or component manufacturing segment of the auto sector due to tight liquidity conditions and poor consumer sentiment, it added. (ANI)