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SIAM: Automobile sector records worst-ever sales!

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smiley1.gifHi friends!The economic meltdown has had its impact on the automobile sector with the Indian automobile industry on Wednesday reporting its worst-ever sales in history with overall domestic sales declining by 17.98 per cent in November.

The commercial and passenger vehicle sales also dropped sharply.

According to the data released by the Society of Indian Automobile Manu- facturers (SIAM), total vehicle sales stood at 7.11 lakh units in November as against 8.67 lakh units in the same month last year.

Commercial vehicle sales crashed by 49.52 per cent to 20,637 units from 40,879 units, while passenger car sales dropped by 19.38 per cent to 83,059 units from 1.03 lakh units. Two-wheeler sales slipped by 14.68 per cent to 5.67 lakh units from 6.65 lakh units.

During November, sales of Maruti Suzuki declined by 24.84 per cent to 57,554 units from 43,258 units in the same month last year, SIAM said. Hyundai Motor India also registered a downslide of 23.32 per cent at 19,041 units against 14,601 units. Tata Motors, on the other hand, was able to marginally push the sales up to 12,516 units (12,502 units). The sale of

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GM infact is the worst hit among the big 3. They require $ 4bn just to get to this month end!!! And their estimated cash requirement for next year is supposedly in excess of $15bn. What's even worse is that GM doesn't even have a proper plan to resurrect the company. It's hoping on a lot of "external" factors to take it through the storm. Ford is better placed and market pundits feel it can sail through this mayhem.

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I have been a student of finance related matters in US for the past 20 years.  The financial crisis that the US and Europe is going through is one of  a kind and this kind is even worse than the great depression of US in the 1930's.  The tough times for the western countries could last for several years.  At least for a while, the automobile industry through out the world will be ROUGH and if they donot incur any losses for the next couple of years, the auto industry will be extremely happy.  We can expect excellent prices for those who can afford to buy.

 

To give a small example of how much the international commerce has suffered over the last 4 months, a HUGE ship that is to rent for about 100,000 dollars per day (50 lakhs) is now renting for about 8000 dollars per day (about 4 lakh rupees).  In terms of psychological well being or in the department of being happy, India will fare better than the western countries over the next 10 years.   

 

This is strictly a personal opinion of mine and not meant to offend any one.

 

Now that I am living in India,  I am waiting to get a good deal on buying a new automobile in the next few months.   If I were in US, it would be different as the discounts there are tremondous (like price reductions and no interest rate loans ..etc.,)  

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