Sale of Passenger Vehicles Drops 50% in June Amid COVID-19: SIAM

WHAT?

According to the Society of Indian Automobile Manufacturers (SIAM), The sale of passenger cars fell by 58 percent to 55,497 units in June from a year ago.

WHY?

The sales have dropped due to the coronavirus lockdown.

WHO?

The Society of Indian Automobile Manufacturers (SIAM) is a not for profit apex national body representing all major vehicle and vehicular engine manufacturers in India.

SIAM works towards supporting the sustainable development of the Indian Automobile Industry with the vision that India emerges as the destination of choice in the world for the design and manufacture of automobiles.

It works towards facilitating enhancement of the competitiveness of the Indian Automobile Industry, reducing the cost of vehicles, increasing productivity, and achieving global standards of quality.

HOW?

The latest data from SIAM highlights a weakness in the country's automobile market, already struggling against poor demand even before the coronavirus outbreak, as more than two months of COVID-19-related lockdown kept consumers from making big purchases.

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Passenger vehicle production decreased by 57.74% to 1,07,477 units, according to SIAM.