The economic slump in the Indian corporate sector, financing issues, elections and a negative buying sentiment heavily contributed to the auto industry sales witnessing a nosedive in 2019
The Indian auto sector had a forgettable year – 2019 – as the industry soldiered on despite one of the worst periods. Sales for passenger vehicles including cars, SUVs and even two-wheelers witnessed a major decline last year, dropping at its lowest in two decades. Apart from the economic slump in the Indian corporate sector, financing issues, elections and a negative buying sentiment heavily contributed to the auto industry sales witnessing a nosedive in volumes last year. Almost all established manufacturers were affected by the slowdown; whereas the new players including Kia Motors and MG Motor India managed to secure better sales figures despite the overall slowdown.
