Carmakers would have otherwise made these payments by April end or May in the normal course. These pay-outs are being made through to the last week of March and first week of April.
The country’s largest two-wheeler maker Hero MotoCorp reported a 42% drop in sales during the month to 334,647 units of motorcycles and scooters. The company was already under pressure due to excess BS-IV inventory in the system, which it had to sell before 31 March. Production was further curtailed due to plant closures because of the nation-wide lockdown.
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"The last financial year was the most challenging for the automotive industry because of economic slowdown, poor consumer sentiment clubbed with transition challenges to BS-VI," HCIL Senior Vice President and Director, Sales and Marketing Rajesh Goel said.
German luxury-car maker Mercedes announced that it will set up a 1,500-bed temporary hospital near Pune for the treatment of Covid-19 patients. The company also supported the Grant Medical Foundation (Ruby Hall Clinic) directly by donating ventilators.
Passenger vehicles' sales were affected by the COVID-19 outbreak and the subsequent nationwide lockdown, Tata Motors Passenger Vehicles Business Unit President Mayank Pareek said. Similarly, TKM said its domestic sales declined 45 per cent to 7,023 units last month as compared to 12,818 units in March 2019.
"In view of the current situation of a mandated lockdown owing to COVID-19, Bajaj Auto has decided to extend its service and warranty period of all our vehicles.
Besides, its employees will voluntarily contribute one day's salary, the amount of which will be matched by the company towards contribution to the Maharashtra Chief Minister's Relief Fund for COVID-19 pandemic, the company said in a release.
Hinduja group flagship firm Ashok Leyland on Wednesday reported 90 per cent decline in total vehicles sales at 2,179 units in March.
With the Supreme Court having given a 10- day breather to sell 10% of unsold BS4 inventory and BS6 emission vehicles set to come in from April 1, auto makers have no other choice but to increase their digital footprint.
Honda India Foundation, the Corporate Social Responsibility (CSR) arm of Honda group companies in India, on Wednesday pledged Rs 11 crore aid towards COVID-19 relief and prevention measures.
Indian auto dealers registered unsold BS-IV stock in their own names as the financial year drew to a close, seeking to minimize inventory losses on expectations that they could sell the vehicles later after marking down the sticker price.
India will keep its date with ultra-clean Bharat Stage-VI (BS-VI) fuels today (April 1), leapfrogging from BS-IV amidst slump in demand and constraints on movement in the last five weeks due to the spread of coronavirus and the countrywide lockdown.
To start with, the UV and tractor maker has shortlisted 4-5 key senior strategic positions — head of strategy, IT, customer experience/ brand as well as a CFO — that will be announced shortly.
Performance in March has eclipsed declines during events such as demonetisation in late 2016, implementation of the goods and services tax (GST) in 2017 and the global financial crisis of 2008, experts said. Passenger vehicle sales are seen at 145,000-150,000 units in March, halving from the year-ago month. Two-wheeler sales are expected to have slipped below a million units.
The commercial vehicle major has aligned itself with the Department of Health and Family Welfare for a slew of initiatives, Ashok Leyland Ltd said in a statement. The Chennai-based firm is supplying 3 ply masks, N95 masks, disposable gloves, liquid handwash, sanitisers, body suits for health service personnel, it said.
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