India's Sept passenger vehicle sales dive 24% as slowdown persists [Reuters]
SUZUKI MOTOR CO UNSP/ADR (SZKMY)
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Source: Reuters
India's September passenger vehicle sales dive 24% as slowdown persists - Reuters 2 Min Read NEW DELHI/BENGALURU (Reuters) - India’s passenger vehicle sales slumped 23.7% in September, the eleventh straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon. Passenger vehicle sales dropped to 223,317 units in September, the Society of Indian Automobile Manufacturers (SIAM) data showed, while passenger car sales dived 33.4% to 131,281 units. SIAM’s data comes as the domestic automobile industry faces a crippling slowdown in demand that has led to production cuts and thousands of job losses. The industry is seeing its longest ever streak of sales decline. “We are preparing for best-case and worst-case scenarios ... worst case there will be more production and job cuts,” said SIAM president Rajan Wadhera. Car and auto component makers have cut thousands of jobs and halted some production as the industry grapples with various challenges ami
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