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Magnitude of vehicle slowdown

The significance of slowdown in vehicles income is traumatic. Never for the reason, that turn of the millennium have things long past awry to this volume for the industry, although there have been sustained intervals of lull before (Chart 1). Contraction of 19 in line with cent in auto sales in July 2019 was the worst in view that April 2001.

While the gloom in passenger automobiles commenced early, industrial cars sales, a critical indicator of economic pastime have now observed (Chart 2). Overall healing isn’t in sight if we observe vehicle registration on the consumer quit. But two and three-wheelers appear to be doing higher of past due, as the boom of their registrations in June became higher than that in the April-June area (Chart 3).

Corporates sales information is likewise reflecting the trouble. However, auto ancillaries are nonetheless in better shape, courtesy a larger share of exports of their income matrix (Chart four). However, the same can not be said for income.

Auto exports are doing way better than home income (Chart 5). The former grew at 4 according to cent in July, in keeping with manufacturers’ information. However, ordinary car exports earnings declined by way of five according to cent in April-June 2019 over the equal period of the previous yr (Chart 6).

In terms of contribution, even as vehicle parts exports have remained unchanged, automobile and -wheeler exports have shriveled, suggesting that the demand for finished vehicles is a bigger fear in global markets for Indian auto players (Chart 7).

Serlyn Shetty
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