Car sales started dipping in mid 2018, and there has been no consistent rise since then. See Indian car sales data from Jan 2018 to Dec 2019, annually and monthly, below.
Chart 1: India Car Sales Jan-Dec 2018 vs. 2019
Chart 2: Indian Car Sales by Month for 2018 vs. 2019
RBI and the Govt of India have both tried to improve the economy of the country with several reductions in interest rates and a one time massive corporate tax rate cut. However, starting of the new year of 2020 has not been able to stem further drop in the car sales.
Chart 3: Indian Car Sales for January & February of 2018 vs. 2019 vs. 2020
Covid19 (SARS - CoV2, commonly known as CoronaVirus) caused nationwide lockdown since 22nd March, and has been planned to stay in place at least until 14th April. With consumers locked in their homes, and both car showrooms and car factories closed, there have practically been Zero car sales since 22nd March 2020. So, the March 2020 car sales has not just dropped but crashed.
Chart 4: Indian Car Sales for March of 2018 vs. 2019 vs. 2020
Chart 5: Indian Car Sales for Jan to March of 2018 vs. 2019 vs. 2020
March of 2020 has indeed been the lowest car sales in a decade, and car companies need to not plan for it, and try to improve sales with innovative financing such car leasing by partnering with companies such as Earthyaan Ventures.
