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Passenger vehicle sales in India increase in double digits for first time in two years: SIAM
Motorcycle sales were at 10,32,476 units as against 9,37,486 units in August 2019, up 10.13 per cent. Scooter sales were, however, down 12.3 per cent at 4,56,848 units as against 5,20,898 units in the same month last year.
Retail auto sales improve in August on festival demand
Apart from the rural market, which was showing revival signs until now, urban centre...
Automakers kick off festive season on a healthy note, delivers 15-20% growth in Onam and Ganesh Chathurti for the first time in four years
Stuck in first gear: Car subscription services are not gaining momentum
Experts say a lease model is unlikely to bring in large volumes in the country where car ownership is considered a status symbol. India sells about Rs 2.2 lakh crore worth of passenger vehicles a year, says an analyst. The car subscription business is Rs 200-250 crore. In comparison, the ride-hailing market is Rs 20,000-25,000 crore.
Honda Cars launches virtual showrooms to enhance ease of buying
This platform will enable customers to discover and engage with Honda's entire model range in a seamless digital experience from the comfort of their homes, the Japanese automaker said in a statement.
Luxury carmakers are considering price hikes on account of currency fluctuation
The vehicle prices are likely to go up by a minimum of Rs 60,000 to Rs 3 lakh ranging from an entry-luxury sedan to top of the line saloon, SUV or a performance car in the coming months. While this is the first round, the cumulative price hikes may be in the range of 6-7% over a period of the next couple of quarters, say people in the know.
Hyundai remains cautiously optimistic about upcoming festive season amid COVID-19 pandemic
The South Korean auto major, which is the second largest passenger vehicle player in the country after Maruti Suzuki, has seen its sales grow month after month since May after the nationwide lockdown ended and companies rebooted operations.
Sale of used cars in top gear in India amid coronavirus pandemic
Pandemic is only the latest blow; the headwinds have been gathering for the industry for a while. In 2019-20, passenger vehicles sales dipped by 18%, from 3.2 million in 2018-19 to touch 2.78 million. The future looks grim — in 2020-21, CRISIL forecasts that passenger vehicle sales will dip by 25% to touch 2.1 million. In this plethora of bad news, pre-owned or used car market is emerging as a silver lining.
Government may hike duty on imported cars
In a move seen as a protectionist measure, the government on Friday said that import duty on cars and completely and semi-knocked down assemblies (CKD and SKD) could be raised as it also advised foreign makers to reduce the amount of royalty payments that they charge on their subsidiaries.
Auto companies eye growth with festive launches
On Wednesday, Mercedes-Benz India drove in the Rs 1.2-crore GLE 55 AMG coupe, while Toyota launched the Urban Cruiser mini off-roader, or the re-stylised Maruti Suzuki Brezza.
Penetration of electric vehicles to remain low in medium-term in PVs, CVs: ICRA
The ratings agency further said the modality of vehicle financing in a battery-swappable model, where core battery is owned/leased by a third party and financiers only have control over residual vehicle, is another challenge.
Indian luxury car market set to register a record 40% decline in 2020
The Indian luxury car market is bracing for its steepest recorded decline in 2020, with the industry estimating sales to fall as much as 40%, pulling it down to the levels of 2011.
Centre, states must lower car ownership cost: RC Bhargava
During the past three months, production has risen steadily but is well behind 2018-19 levels. Sales has increased monthly, but lags 2018-19. We expect steady progress as we go ahead. It’s a challenge to predict the situation after a few months, said Bhargava.
Lower tax rates, steps to boost sales crucial for auto cos: Kenichi Ayukawa, MD & CEO of Maruti Suzuki India
The automobile industry is striving to reduce costs and improve efficiency, but government support in reducing its tax burden or providing sales incentives will be valuable, said Kenichi Ayukawa, the managing director and CEO of Maruti Suzuki India Ltd.
Auto companies ‘dissent’ not justified, India's taxes in line with global rates: Finance Ministry sources
Government’s view came in response to key voices from the auto industry blamed ‘prohibitive’ taxes for dampened consumer demand amid the Covid 19 pandemic, which in turn was leading to companies halting their investments into expanding manufacturing facilities.