India's crashing vehicle sales have yet to burn crude oil imports: Russell [Reuters]
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Source: Reuters
India's crashing vehicle sales have yet to burn crude oil imports: Russell - Reuters 4 Min Read LAUNCESTON, Australia (Reuters) - India’s car manufacturers are in deep strife with slumping sales amid a broader slowdown in economic growth, but one element missing in the bearish narrative is a matching drop in crude oil imports. While crude purchases by the world’s third-largest importer have slowed so far this year, it could be argued that they have actually held up well considering the carnage in the country’s vast vehicle manufacturing sector. India’s passenger vehicle sales are likely to have dropped for a tenth consecutive month in August, with commercial vehicle sales also experiencing a slump. August sales data from India’s top six car makers, including Suzuki Motor Corp’s and Toyota Motor Corp’s local businesses, shows that passenger vehicle sales plunged 34% from the same month in 2018. These six manufacturers make up more than 90% share of the market. Data from Tata Motors and
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