The ongoing slowdown is not sparing any vehicle manufacturer and Tata Motors, which not too long ago was driving in fast lane, too has been hit hard.
The company has reported domestic market sales of 13,351 units in June 2019, which is 26.6 percent down from the sales of 18,213 units a year ago, The carmaker has cited the impact of poor customer sentiments as a result of the ongoing liquidity crunch. However, it feels the market is likely to bounce back soon.
Tata Motors' cumulative sales in the domestic market for the first quarter (April 2019 -June 2019) of FY2019 are down 30 percent at 36,945 units, compared to 52,937 units, in the same period last year.
Commenting on the sales numbers, Sibendra Barman, vice-president, Sales Marketing and Customer Support, Passenger Vehicle Business Unit , Tata Motors, said, "The auto Industry has been de-growing for the past 4 quarters. Customer sentiments remained low due to the overall slowdown in economic growth. Consumer expectations on the revised GST rate on cars and limited liquidity availability kept them from firming their buying decision this month (June). We expect to see a growth in demand in the coming few months and are well equipped to deliver the best to all."