Passenger vehicle (PV) sales in India dropped by 1% in May compared to last year, with 303,358 units sold. This marks a second year-on-year decline, influenced by extreme summer heat and election-related restrictions, which led to an 18% drop in showroom visits. A significant month-on-month decline of 9.5% was also recorded. Major automakers, including Maruti Suzuki, Hyundai, Tata Motors, and Mahindra, reported reduced sales, while Kia Motors saw a 9% increase. Despite growth in two-wheelers, three-wheelers, and commercial vehicles, the auto sector faced challenges from market liquidity and weak consumer demand.
Decline in Passenger Vehicle Sales in India Attributed to Heat and Election Rush
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