Second COVID-19 wave likely to pose risks to domestic auto demand: IndRa
The demand for commercial vehicles (CVs) may revive in the second quarter of 2021-22 as economic activities improve, and also due to the lower capacity in the system after consecutive double-digit decline in 2019-20 and 2020-21, India Ratings and Research said
PTI | April 24, 2021 | Updated 08:45 IST
The second wave of COVID-19 could pose downside risks to the domestic auto industry demand in the near term, a report said on Friday.
The demand for commercial vehicles (CVs) may revive in the second quarter of 2021-22 as economic activities improve, and also due to the lower capacity in the system after consecutive double-digit decline in 2019-20 and 2020-21, India Ratings and Research (Ind-Ra)said in the report.
Second COVID-19 wave likely to pose risks to domestic auto demand, says IndRa
The demand for commercial vehicles (CVs) may revive in the second quarter of 2021-22 as economic activities improve, and also due to the lower capacity in the system after consecutive double-digit decline in 2019-20 and 2020-21, India Ratings and Research said
PTI | April 24, 2021 | Updated 08:41 IST
The second wave of COVID-19 could pose downside risks to the domestic auto industry demand in the near term, a report said on Friday.
The demand for commercial vehicles (CVs) may revive in the second quarter of 2021-22 as economic activities improve, and also due to the lower capacity in the system after consecutive double-digit decline in 2019-20 and 2020-21, India Ratings and Research (Ind-Ra)said in the report.
Synopsis
As per data available with industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicles sales in the domestic market declined 2.24% to 2,711,457 units last fiscal. Sales of commercial vehicles too fell by more than a fifth to 568,559 units in the period under consideration.
Agencies
Sales of cars, utility vehicles and vans in the local market declined by around two per cent last fiscal with the covid-induced nationwide lockdown impacting adversely a sector, which has already been seeing a structural slowdown the past few years.
As per data available with industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicles sales in the domestic market declined 2.24% to 2,711,457 units last fiscal. Sales of commercial vehicles too fell by more than a fifth to 568,559 units in the period under consideration. Meanwhile, two-wheeler sales crashed 13% to 15,119,387 units in FY21. And those of three-wheelers declined by 66% to 216,197 unit
Commercial vehicle sales plunge 21% in FY21, PV sales decline 2%
Total CV sales declined 20.77 per cent to 5,68,559 units in FY21 as against 7,17,593 units in 2019-20, as per the data released by the Society of Indian Automobile Manufacturers.
BusinessToday.In | April 12, 2021 | Updated 22:59 IST
Vehicle sales across categories declined 13.6 per cent to 1,86,15,588 units as against 2,15,45,551 units in the year-ago period.
Hit by the COVID-19 pandemic, commercial vehicle (CV) sales in India fell nearly 21 per cent in fiscal year 2020-21, while sales of passenger vehicles declined 2 per cent.
Total CV sales declined 20.77 per cent to 5,68,559 units in FY21 as against 7,17,593 units in 2019-20, as per the data released by the Society of Indian Automobile Manufacturers (SIAM). PV sales fell 2.24 per cent to 27,11,457 units in FY21 from 27,73,519 units in 2019-20.
Two-wheeler market leader Hero MotoCorp on Thursday said its total sales stood at 5,76,957 units in March 2021. The company had sold 3,34,647 units in March last year, when sales were adversely impacted due to the impending transition to BS-VI from April 2020, in addition to the nationwide lockdown towards the latter half of the month due to coronavirus pandemic , Hero MotoCorp said in a statement. In financial year 2021, the auto industry witnessed significant disruptions triggered by the coronavirus pandemic, restricting customer movement. Despite these challenges, Hero MotoCorp sold 57,91,539 units of two-wheelers in the fiscal year. In the financial year 2020 it had sold a total of 64,09,719 units, it added.