Sales of passenger vehicles can decline in the range of 24% to 26% in FY21 as affordability of customers has fallen drastically due to the coronavirus induced economic slowdown, according to Crisil Research.
As economic activity is likely to suffer significantly due to the pandemic, sales of commercial vehicles will also decline in the range of 26% to 28% during the year.
India’s automobile industry is headed for another year of double-digit sales decline this fiscal, given the extended lockdown to contain the coronavirus.
Overall sales volume would plunge to multi-year lows, with sales of passenger vehicles and commercial vehicles reaching fiscal 2010 levels, Crisil said in a note released on Thursday.
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