- Combined Production of vehicles witnesses record decline of 33.61%.
- Total exports of commercial vehicle goes down.
- Total exports of passenger vehicles witnesses huge decrease.
SIAM (Society of Indian Automobile Manufacturers) is a non-profit apex national body representing all major vehicle and vehicular engine manufacturers in India and is currently headed by Mr Rajan Wadhera,who is also a President for Automotive sector of Mahindra & Mahindra.
Already descending Indian Auto sector,once again is experiencing a severe decline in its growth endangering thousands of worker’s employment in the automobile industry.Today, through a series of Tweets,SIAM’s official handle announced some statistics of Mar’2020 as compared to that of Mar’19.
Few days back,Mr Deepak Jain (President of the Automative Component Manufacturers Association of India) also expressed his opinion regarding the slowdown in the sector caused by the global lock-down :
“Covid-19 has disrupted the entire world.There will be a new normal with reduced revenues.Everyone will have to fend for themselves.Like Darwin said,”It will be survival of the fittest”.Those who will survive will have to collaborate to stay relevant”
So,all the relevant associations and societies of Indian Auto sector already expressing their opinion about the slow down in the sector today revealed some data as shared below;
- Total Exports of passenger vehicles,3 wheelers & 2 wheelers witnessed a decrease of 44.24%,46.73% & 13.13% respectively,in March’20 as compared to March’19.
- Total exports of Commercial Vehicles dipped by 65.45% in March’20 as compared to March’19.
- A total of 1,447,345 vehicles,including Passenger,Commercial,3-Wheelers,2-Wheelers & Quadricycle were produced in March’20 as against 2,180,203 in March’19,witnessing a decline of 33.61%.
Above data has been shared by SIAM’s official handle on 13 Apr’2020.
Few days back Mr Rajan Wadhera of SIAM also gave the statistics regarding probable decline in the auto sector relative to expected GDP growth rate for FY’21.In all spheres,it seems like Auto sector is witnessing the worst phase of its growth.
For More News And Updates,please Keep coming to http://onwaymechanic.in
If You Also Want To Write For Us,Drop Us A Mail On firstname.lastname@example.org