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Demand Woes Hit Truck Makers As Sales Of Heavy Commercial Vehicles Witness Nearly 60 Per Cent Fall In August
A Tata truck showroom in Faridabad, Haryana. (Photo by Pradeep Gaur/Mint via Getty Images)
In another troubling sign that economic activity in the country is slowing down, sales of medium- and heavy-duty commercial vehicles (M&HCVs), not including buses, plummeted by 59.5 per cent in August 2019, compared with the same period the previous year, reports Business Standard.
As per the data, which was released by the companies themselves, the top two players in the category – Tata Motors and Ashok Leyland, both saw major slides in their sales, with the former seeing a decline of 58 per cent to 5,340 units while the latter witnessed an even sharper drop of 70 per cent to 3,336 units.
President (commercial vehicles), Tata Motors, Girish Wagh explained why there had been this substantial drop in sales.
“A subdued demand sentiment due to poor freight availability, lower freight rates, and a general slowdown in the economy continued to hamper the commercial vehicle demand,” he stated.
Going forward, truck makers are optimistic of improved demand in light of new BSVI norms being implemented and increased spending during the festive season.
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