But given the current cost structure, the company said, localisation would be necessary to make future vehicles more cost competitive.
The situation is worse in the second-hand market and for service stations, where most of the transactions are in cash.
Feeling the pinch of demonetisation: With few enquiries translating into sales due to cash crunch, auto cos are arranging 100% financing and rolling out digital payment options.
Hyundai will bring in a fourth model, compact SUV code named QXI in 2018.
Executives said rural consumers have a propensity to make cash transactions while purchasing and this could get affected now given the liquidity crunch.
Apollo Tyres Chairman Onkar S Kanwar said the ground breaking ceremony for the new plant will take place in January.
Improved sentiments in rural markets boosted motorcycle sales which rose by 7.37% to 1144516 units, those of scooters went up by 8.24% to 568410 units.
Continental currently operates nine facilities in India – of these five are automotive and four are rubber plants. The Technical Centre has around 2000 engineers.
The new Fortuner comes in both petrol and diesel options.
The Tucson will bridge the gap between Creta and Santa Fe. The company now plans to bring in one new model every year in a segment where it doesn’t have a presence.
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