New Delhi: Major automobile manufacturers including Maruti Suzuki India, Hyundai, Mahindra & Mahindra, Tata Motors and Honda on Sunday reported a high double-digit decline in their sales in August as the Indian auto sector continued to reel under one of the worst slowdowns in its history.
While Maruti reported a 33% drop in August sales at 1,06,413 units, sale of passenger vehicles by Tata Motors fell 58% during the month under review. Similarly, Honda Cars India (HCLI) and Toyota Kirloskar Motor (TKM) sales dropped 51% and 21%, respectively.
"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. This is despite the high discounts prevailing in the market which makes it the best time to buy cars, he added.
Tata Motors President Passenger Vehicles Business Unit Mayank Pareek said the market continued to be challenging, but the company has focused on improving its retail sales, which saw an uptick of 42%.
The country's largest carmaker Maruti Suzuki reported a 32.7% decline in sales. Domestic sales declined by 34.3%. Mahindra and Mahindra (M&M) total sales dipped 26% in the domestic market. Hyundai Motor India domestic sales contracted by 16.58%.