Teji Mandi Explains: April forecast suggests grim outlook for auto industry
Mike
The auto industry has once again come under the impact of the surging number of COVID-19 cases.
As per the Federation of Dealers Association, passenger vehicle sales are likely to fall by 11% in April at 2.85 lakh units, compared to a month ago in March. Retail sales have seen a sharper fall of ~55%, and it is likely to be in the range of 1.5-1.8 lakh units in April.
Partial lockdowns and other restrictions have affected consumer sentiments. As a result, all the major PV makers have restricted their factory activities.