Corona Virus eats into automobile sales in March 2020
It will not come as a surprise that due to the Corona virus pandemic, automobile sales have spiraled downwards. If the lockdown continues this will continue to fall further. With the number of cases going up and hotspots widening, only time will tell.
Glimpse of automobiles sales slump due to Corona Viurs
|Manufacturer||Change in sales %|
|Tata Motors||(-) 84%|
|Maruti Suzuki||(-) 47%|
All companies have more or less suspended production and then after the lockdown was declared all sales came to halt. Even before that, the fear of Corona Virus had completely taken over the entire the world.
Owning a car will never be the same again especially for those who are on EMI. The fear of EMI payment may have bothered a lot. Government has allowed banks to defer EMIs for three months but nothing comes for free. The banks will be charging interest for this deferment.
The world that will come out of this crisis will be different from the world that was. With so much of introspection going on regarding life in general, where will automobile find its place in minds of a person whose priorities will be redefined. Many companies are not paying their employees, some have cut salaries and some will or may pay after the lockdown.