Honda Cars reports 78% dip in domestic sales in March

New Delhi: Honda Cars India (HCIL) on Wednesday reported a 78.5 per cent decline in domestic sales at 3,697 units in March. The company had sold 17,202 units in the domestic market in March 2019, HCIL said in a statement.
Exports stood at 216 units last month, it added.

For the 2019-20 fiscal, the company sold 1,02,016 units as compared with 1,83,808 units in 2018-19.

"The last financial year was the most challenging for the automotive industry because of economic slowdown, poor consumer sentiment clubbed with transition challenges to BS-VI," HCIL Senior Vice President and Director, Sales and Marketing Rajesh Goel said.

In order to unburden dealer network, the company had drastically revised annual volumes in September last year, he added.

"In spite of the lockdown in March, we were able to almost achieve our annual business plan and also successfully liquidate the BS-IV stocks from the network," Goel said.

The unfortunate outbreak of COVID-19 has hit the industry which has impacted businesses across the world, he noted.

"In the current scenario, we are taking multiple measures to support our dealers and customers. We hope we are able to tide through this unprecedented crisis at the earliest," Goel said.