India’s automotive market is resilient and likely to recover faster than others, Hyundai Motor India managing director SS Kim told Sharmistha Mukherjee. There will be a revival near the festive season, although demand will be return to pre-Covid-19 levels only early next year.
W S Oh, Executive Director (Corporate Planning), HMIL said, “With the entire automotive ecosystem evolving around us, digital car buying platforms such as ‘Click to Buy’ will become the New Normal”.
The Japanese manufacturer, in its petition seeking an ad interim injunction against Hero Electric, has alleged that the Indian company was “infringing” on the “registered design” of the rear cover and front and rear lamps of its Moove electric scooter.
Passenger vehicle sales slumped to their lowest in decades last month amid Covid-19 lockdown.
The company sold 106,038 units in the domestic market last month, which is a decline of 82.5% compared to 606,216 units sold in the year ago period. Hero also exported 6644 units in the month under review.
The company exported 4,651 units following resumption of port operations at Mundra and Mumbai port, ensuring that all guidelines for safety were followed. The company also sold 23 units to alliance partner Toyota in this period.
Federation of Automobile Dealers’ Association (FADA) has urged automakers to fix minimum dealer margin at 7% on selling price of the vehicle to help restrict job losses in the sector that employs four million personnel directly and indirectly, and make “this business model more sustainable, shockproof and comparable to international standards”.
The spec sheets are in real danger of being outdone by the swelling list of purchase offers.
Several other manufacturers too said that even if there was an eventuality of employees testing positive, they will follow the standard operating procedures (SOP) and inform the local authorities, but production will continue.
While there will be no salary cuts for workers, the company has temporarily reduced compensation of executives across levels by 5-20%.
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