Oh my God! Auto industry shocked on New Year's Eve! Biggest decline in car sales so far

Car sale drops by 5 percent: According to early predictions, the industry has closed with sales of around 43 lakh units in the year 2024, while 41.1 lakh units have been sold in the year 2023,

Car sale drops by 5 percent: As the new year starts, a big news has come for the automobile industry. In fact, the growth of car sales slowed down to around 5% in 2024, which is the lowest growth of the last 5 years, which is no less than bad news for the automobile industry. This growth is continuously decreasing, due to which car companies are facing a lot of losses.

What is the information?

According to early predictions, the industry has closed with sales of around 43 lakh units in the year 2024, while in the year 2023, 41.1 lakh units have been sold, mainly due to SUVs which contributed 54% to the sales.

Many companies say that "given the high base, 5% growth is still positive for the industry", with some expecting the pressure on companies to continue in the new year. "The industry is now expecting incentives in the Budget, and feels that a cut in income tax rates – if it happens – will boost consumption," said a company official.

In the year 2024, due to weak demand, only 5% growth has been achieved, companies have offered huge price cuts and explosive discount offers to increase sales, especially at the end of the year. Let us tell you that due to government regulations and rising prices of raw materials, car prices have increased significantly for the last few years, this is also a major reason why customers are now showing less interest in buying cars.