Srinagar: Automative manufacturers expect a record inventory of 400,000 vehicles valued at Rs 44,000 crore by the end of this month as demand in India drops following three years of vigorous sales, according to a report in the Economic Times (ET).
In J&K, except for certain select brand of cars which are in high demand and have long waiting times, like Mahindra Scorpio N, Toyota Hyryder and similar models from Hyundai, car dealers who spoke to Ziraat Times confirmed the slump in J&K too.
“Several car dealers are sitting on unsold inventory. We clearly see a slump in demand of cars while we see the trend of buying second hand cars picking up well”, said a senior manager in Srinagar.
In Jammu region, while some passenger vehicles remain in good demand, personal car segment continues to witness a similar slump.
“Although we hope that this is a temporary phase, mainly due to the elections, the fact is that it is getting difficult to have buyers for new cars. Our unsold inventory is also piling up”, said another Jammu city based dealer.
In comparison, car models like Mahindra Scorpio N, Toyota Hyryder and other such cars remain in high demand and the dealers across J&K report good sales.
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