Toyota Kirloskar Motor sold a total of 10,423 units in the domestic market in July 2019 as against 13,677 units in July 2018, registering a decline of 24%. The company exported 868 units of the Etios series last month, which is 121 units more than in the same period last year.
However, the total units of vehicles sold (domestic + exports) were 11,291 units as against 14,424 units in July 2018 – a decline of 22%.
The industry is deeply concerned with the increasing pressure of low customer sentiment faced by the sector. The high insurance costs, rise in taxes and liquidity crunch across the non- banking finance segment, tightening of lending norms have significantly affected the domestic sales in the last few months. We are trying to lend maximum support to our dealers through the hard times faced by the industry by maintaining lean inventory – N. Raja, Deputy Managing Director, Toyota Kirloskar Motor
Mr. Raja also said that the Innova and Fortuner continue to hold their segment leadership; Innova Crysta market share in the month of May-June was 45% compared to last year same period’s market share of 43%.
We hope that the upcoming festive season brings in a breather for the industry with a spur in customer sentiments. Also, we expect the Government will step in to take necessary steps for improving liquidity in the market by capital infusion in the banks should also be of some help. The Industry also expects the GST level to be rationalized to a lower level (28% to 18%) to accommodate the downturn in sales.
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