The current fiscal year 2015-16 that began on an optimistic note with 1.91 percent year-on-year growth in April 2015 has faltered in May. Overall industry numbers have dipped by 0.58 percent and cumulative April-May 2015 sales have plateaued out the Indian automotive industry performance to a flat 0.61 percent, according to the latest SIAM results. May 2015’s de-growth comes after March 2015 (-0.15%) and October 2014 (-3.84%) and the lacklustre sales last month are indicative of the continuing slowdown in some regions. Exacerbating the situation is a delayed monsoon, which has impacted sales of light commercial vehicles and commuter motorcycles which are driven predominantly by rural markets. The only segments to buck the downtrend in May are passenger cars (+7.73%), medium and heavy commercial vehicles (+24.40%), scooters (+2.61%) and mopeds (5.30%). According to Vishnu Mathur, director general of SIAM, the industry’s performance has been pulled down by the poor showing of the two-wheeler segment. Almost 50 percent of bike sales come from rural India, which is seeing tough times due to unseasonal rainfall and crop damage. “If the coming monsoon is good, then it will lead to better sales in the rural markets. The situation will be clear by August-September,… Read full this story
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