Car Sales August 2019: Toyota Sales Dip 24 Per Cent Amidst Slowdown

Toyota Kirloskar Motor registered a sale of 10,701 units in August 2019, witnessing a decline of 24 per cent in domestic volumes, as opposed to 14,100 units sold in August 2019. The automaker continues to register the dip in volumes amidst the overall slowdown in the Indian auto sector that has affected both car and two-wheeler makers. The company’s exports, however, nearly doubled last month with the company shipping 843 units, as against 481 units in August 2018. Toyota’s total sales (domestic + export) for the previous month stood at 11,544 units, witnessing a drop of 14,581 units over the same period last year.

Commenting on the sales performance, N. Raja, Deputy Managing Director, Toyota Kirloskar Motor said, “The consumer sentiment continues to be muted in the month of August, with customers deferring their purchase of vehicles. Severe floods across states has also hurt the demand in the industry. Unfavorable exchange rate is not helping our cost. We are happy that despite the current slowdown in the industry which has resulted in slump in domestic sales, Glanza sales have shown a positive momentum. We have been successful in reaching out to our target buyers ‘First Time Toyota Buyers’, we have seen higher footfalls from them.”

Adding further, he said, “The Union Finance Minister announcing measures recently to boost the auto sector with cheaper car loans, improving liquidity through credit expansion to public sector banks, deferring of one-time registration fees, higher depreciation for all vehicles and lifting ban on purchase of new vehicles in government departments is likely to spur some demand which is a much needed relief.  The latest FDI reforms which will boost local manufacturing, also comes as a positive move to propel growth in the industry in the long run. We hope that the festive cheer ushers in positive sentiments with better retail sales in the upcoming months.”

Source: Read Full Article