Wholesales in India Skidded 24% in September

Factory sales of passenger vehicles in India fell 24% to 233,300 units last month, the Society of Indian Automobile Manufacturers reports.

The slump marked the 11th consecutive month of year-on-year sales shrinkage. SIAM says a 6% gain in SUV deliveries to dealers in September was offset by a 33% drop in shipments of conventional sedans. The association adds that wholesales of commercial trucks and buses plummeted 39% to 58,400 units last month.

But SIAM President Rajan Wadhera sees a glimmer of hope. He notes that sales over the last 10 days of the month surpassed year-earlier levels. “We are seeing some green shoots,” he tells reporters. Wadhera credits the uptick to government incentives, price discounts and a hint of reviving consumer sentiment.

Carmakers in India have been trimming production and laying off workers for months to avoid a glut of unsold vehicles. But SIAMpredicts growth will return through the current quarter and in January-March next year.