Passenger vehicle sales in the country declined for the 10th straight month as carmakers resisted increasing inventories at dealerships, signalling that it would be a muted festive season this year. Domestic sales of passenger vehicles fell 31.6 per cent year-on-year to 196,524 units in August, according to the data released by the Society of Indian Automobile Manufacturers (Siam).
That’s the steepest decline since 1997-98 when Siam started recording data. Two-wheeler sales — a key barometer of the rural economy — also dropped by 22.24 per cent to 1,514,196 units ...
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