WHOLESALE PV SALES DROP MOST IN NEARLY EIGHT YEARS
NEW DELHI: Wholesale sales of passenger vehicles in India fell 17% year-on-year in April, their steepest decline since October 2011, data from the country’s auto industry body showed on Monday, as weak consumer confidence and a liquidity crunch hit demand. Sales of passenger vehicles to car dealers dived to 247,541 in April from 298,504 a year earlier, data released by the Society of Indian Automobile Manufacturers (Siam) showed. Sales of motorbikes and scooters dropped 16.4% to about 1.6 million. Retail sales of passenger vehicles fell 1.28% in April, according to Siam. “The sentiment in the market has not been good,” said Vishnu Mathur, director general at Siam, adding a recent funding crisis at shadow—or alternative—banks had lowered liquidity for dealers and car buyers, and a rise in car insurance costs had also hurt sales. Maruti’s wholesale sales of passenger vehicles fell 20% in April.