The passenger-vehicle segment (including cars, utilities, and vans), with overall sales of 200,790 units, has had the worst showing since December 2000, when sales were down 35.22 per cent.
Car sales are 35.95 per cent down YoY, which is not far from the 39.86 per cent drop in December 2000.
The commercial-vehicle segment is also down at 56,866 units, lower by 25.71 per cent. Medium and heavy commercial vehicles, which are the backbone of the automobile sector, are down 37.48 per cent at 17,722 units. Light commercial vehicles are down by 18.79 per cent at 39,144 units.
The two-wheeler segment, which a year ago was firing on all cylinders, is down 16.82 per cent with all three sub-segments — scooters, motorcycles, and mopeds — down in double digits.
The three-wheeler segment, with sales of 55,719 units, is down 7.66 per cent and the sole one with single-digit negative growth.
“We believe there is going to be an improvement in sentiment as you get into the second half (of the financial year), which will be partially reflected during the festive season. We expect a good monsoon to bring some cheer to rural markets, so better participation by the rural sector is likely to create some positive impact in the second half,” Niranjan Gupta, chief financial officer at the largest two-wheeler player, Hero Motocorp, recently told analysts.