Sales were down about 25% from a year earlier in June for passenger vehicle makers, after a wash-out in April when the country was in lockdown and weak sales in May when the government started easing curbs.
Hyundai Motor India has tied up with three colleges and universities in the vicinity of its factory at Sriperumbudur to use their premises, director for production Ganesh Mani S said.
The primary market has served as a major route of investment for FPIs.
Maruti Suzuki hopes to sell 1 million units in 2020 and is even hoping to take output to as much as 90% for the financial year ending March 2021, as pent-up demand continues to drive bookings after easing of lockdown restrictions, people in the know said.
Royal Enfield’s (RE) volumes have contracted for the past six quarters in a row. The total volume for FY20 fell by 15.6% to nearly seven lakh units. It further skidded by 85% to 19,204 units in the first two months of the current fiscal. Analysts expect a drop of 15-20% for the full year, which will result in a five-year low annual volume.
Maruti Suzuki, Hyundai see bookings of 200,000 units over a month, indicating a swift pick-up.
According to several executives, three of the country’s top five two-wheeler makers — Hero MotoCorp, Bajaj Auto and TVS Motor — are reaching out to suppliers to ensure 60-70% of normal output for June. Total production for June could be 750,000-1 million units, depending on how well the supply chain works.
The US benchmark S&P 500 index has erased all its losses so far in 2020.
The company has an order backlog of Rs 3.03 lakh crore at the end of March.
The automobile industry may post an aggregate drop of 20%, or Rs 75,000 crore, in revenue .
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