New Delhi, the past year has proved to be the worst in terms of car manufacturer companies. In 2019, car companies have sold their minimum number of vehicles. All companies, domestic and foreign, have incurred losses. There was disappointment in the entire Indian market amid market uncertainty, finance troubles and declining economic matters. The car market has reached the lowest level of -13 percent after registering the biggest decline in the last two decades.
Cars, vans and SUVs could not even touch 30 million in a year
According to the data available in the market, the condition of the car market is very bad. Cars, vans, and SUVs in any segment could not touch the figure of 3 million units sold. It is not that the recession has hit any one company or segment. According to the information, Maruti Suzuki, Hyunda, Mahindra & Mahindra, Tata Motors, Honda and Toyota are all swinging in the recession.
Recession had started since mid 2018
Experts of the automobile company say that the slowdown in the car market started from mid-2018. There was an increase of about 5 percent in June-July. After this, the cell of the car continued to fall. As of December 2019, car companies have suffered losses of around -13 percent.
Only KIA Motors and MG Motors got profits
In this recessionary market, two foreign car companies entered the Indian market last year. The most surprising thing is that both companies have made profit despite this recession. The buyers showed great interest in buying these two cars.