Top elevator makers told ET that orders from the realty sector are falling, leading to increased market competition.
The company is, however, encouraging its existing dealer-partners to open more outlets to increase sales.
In an Instagram post, the company said that 99% of its customers want the more premium offering Ather 450.
Many firms bought into the hype created by govt’s push and media coverage but are keeping investments low.
This becomes significant as automobile dealers attribute the focus of the manufacturers on achieving their wholesale targets as one of the leading reasons for the inventory accumulation.
Mahindra & Mahindra is tying-up with self-drive car rental firm Revv to offer its cars on a subscription model.
Hyderabad company also has plans to invest Rs 300 crore for a new manufacturing unit
From double-digit decline in sales until now, the industry's de-growth will moderate to mid-single digits by the end of the fiscal, he told.
In the past 18 months, the Hyundai Motor Group has invested Rs 2,150 crore in Indian cab-hailing platform Ola to participate more actively in the shared mobility space.
As the market slows down and pollution norms get tightened automakers are betting on cleaner vehicles and new products to drive sales in the country.
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