Bajaj Auto, the country's second largest two-wheeler maker, today reported a 37 per cent decline in motorcycle sales during November at 131,681 units against 209,876 units last year.
Total two wheeler sales also saw a similar drop of 37 per cent at 132,421 units against 211,600 units in the corresponding month last year.
Two-wheeler sales were down sharply, reflecting both an accelerated slowdown in demand and also the immediate correction in dealer inventories, the latter action shall continue into December 2008, the company said.
Bajaj intends to counter this trend by an intense new product initiative that will see the launch of a new motorcycle each month for the next six months beginning from January 2009, it added.
In the meantime, Bajaj Auto Finance has introduced a retail finance scheme with low interest rates of 7.99 per cent across almost 300 Bajaj dealers all over the country to revive sales in the short term, it said.
Three-wheeler sales were, however, up 13 per cent at 27,326 units against 24,197 units in November last year.
Stagnant three-wheeler sales reflect the subdued state of the commercial vehicle industry, the company said.
The company said exports during the month grew 46 per cent at 67,397 units against 46,295 units in the year-ago period.
