Tata Motors expects the passenger vehicles market to make a recovery in the second half of the next financial year.
With its new model Altroz, Tata Motors also aims to enhance its presence to around 60 per cent of the total passenger vehicle market.
Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors, Toyota and Honda, all reported a sharp, double-digit decline in their sales figures for September.
Other players like Renault India, Skoda Auto, Volkswagen India saw their market shares increase marginally during April-August this year.
Although the auto industry is hopeful of a sales upturn during the upcoming festival season, SIAM urged the government to reduce the GST rates from 28 to 18 per cent to create demand.
While industry players agree that the downturn is not something new, they say that the pressure this time is different and more severe than the earlier ones.
Jamna Auto Industries Ltd, one of India's largest makers of tapered leaf springs and parabolic springs for automobiles, have trimmed production amid a demand slump in the domestic auto sector.
The domestic auto industry is witnessing an unprecedented slump in sales, with the passenger vehicles (PV) segment being the worst hit.
Tata Motors passenger vehicle sales in the domestic market rose 1 percent to 14,260 units last month, compared with 14,180 units in December 2017.
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