'Rock bottom': Passenger vehicle sales plunge 31%, steepest in two decades

Siam has raised an alarm, saying the prolonged slowdown has destroyed 15,000 jobs and, without an immediate intervention by the government, there will be more

The downward spiral continued for Indian automakers in July as sales fell by 18 per cent over the same month last year.

Sales of passenger vehicles declined by 30.98 per cent, the steepest fall in two decades, and industry executives are now counting on a good monsoon to revive them in the festive season.

“What is ‘rock bottom’? Each month we feel it’s rock bottom. If we look at the numbers for last month, we thought they were very low, but this time they are breaking an almost 19-year record. You can never say this is the worst,” said Vishnu Mathur, director