Some fleet owners are even considering selling some trucks to tide over the slowdown
'Auto industry, as we all have seen in the past eight months, has witnessed continuous de-growth and August being the worst at 30 per cent,' said SIAM's Rajan Wadhera
"The auto sector continues to witness high de-growth due to poor consumer sentiment," HCIL Senior Vice President and Director, Sales and Marketing Rajesh Goel said
At present, the sector has been impacted by a consumption slowdown which is a culmination of several factors like high GST rates, farm distress, stagnant wages and liquidity constraints
A slump in sales across the country has plunged the sector into a severe crisis
As sales falter, banks tighten lending norms for auto dealers
The Automotive Component Manufacturers Association of India (ACMA), which represents the auto component industry that alone employs around 5 million people
Only 19 per cent believe their digital platforms allow them to reach customers who would not be reached through traditional approaches