Toyota Kirloskar Motors (TKM) has reported a decline in sales on a Y-to-Y basis by 24.3% this August.
Compared to July 2019, the sales figures are better for domestic sales.
Exports saw a decline in July 2019, as well.
Toyota has reported the sale of 10,701 vehicles in August 2019, a decline of 24.3% from the 14,136 cars it sold in August 2018. However, the domestic sales figure in August is better than the July 2019 statistic by nearly 300 vehicles. The overall sales figures including export sales declined by 21%.
The Toyota Glanza, based on the Maruti Suzuki Baleno, is manufactured by Suzuki as part of a global alliance. The good news is that the export sales of Toyota Etios grew by 75% with sales of 843 cars as compared to 481 in August 2018.
N Raja, Deputy MD of TKM attributes the blame for the poor performance on the unprecedented floods in some states and the negative sentiments floating in the market.
Toyota banks on the recent Government initiatives for boosting the automobile sector to revive the auto industry. The corrective measures announced by the Government included the availability of cheaper auto loans, deferring a one-time registration fee, a higher level of depreciation, and the lifting of the ban on the purchase of new vehicles by State and Central Government departments. These measures could improve the growth and arrest the slump.