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The Economic Times
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| 14 July, 2020, 06:13 AM IST | E-Paper
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    SEARCHED FOR:AUTO SLOWDOWN

    Auto sector reels under losses as lower incomes, moratorium alter auto finance dynamics

    Banking and automobile industry executives said several lenders increased credit score required to give loans to salaried and self-employed individuals. Lenders have become particularly cautious of people in the hospitality, travel, tourism and aviation sectors, which have been heavily hurt by the impact of the Covid-19 pandemic.

    Lockdown in Aurangabad likely to impact production at Bajaj Auto and Skoda Auto Volkswagen

    Bajaj Auto manufactures vehicles for exports at a ...

    Auto demand back on track but supply staggers

    The uptick in personal mobility has been strong seven weeks into the reopening of dealerships. ...

    • Automobile dealers' body FADA fears that the coronavirus pandemic could result in job losses in dealerships which could be worse than what was experienced last year when over two lakh jobs were lost due to a prolonged slowdown in the automobile industry, according to a top federation official.

      The tribunal observed that the resolution plan submitted by DVI fulfils all the requirements of regulations of the corporate insolvency resolution process and has been approved by the Committee of Creditors (CoC). It has also directed to create a committee of five persons for the implementation of the plan.

      New entrants to the Indian market Kia and MG Motor, in fact, have already given variable pay and other incentives, while Mahindra & Mahindra, Hero MotoCorp, Ashok Leyland, TVS Motor, Toyota Kirloskar and Tata Motors are expected to do so in the next month or so, industry insiders said.

      Veejay Nakra, CEO M&M (Auto Div) remains bullish on demand for passenger vehicles for the next 3-4 months. He also feels vehicle subscriptio...

      Based on the analysis of 75 mega districts in the country, which account for 43 per cent of the segment's total revenue, Crisil Research expects the annual running of vehicles (in kilometres) to decline, with three-wheelers likely to see the highest decline of 22 per cent and passenger vehicles and tractors seeing the lowest decline of 4 per cent during the fiscal.

      Both auto and two-wheeler manufacturers reported higher sales in June over May on the back of pent-up demand and revival of economic activities following unlock 1.0, with some of them even logging growth almost to the pre-Covid level.

      Major automobile manufacturers see big dip in June sales, though fared better as compared to May .

      Pharma and fertilisers sectors showed resilience, with positive quarterly revenue growth on yoy basis, largely due to their essential nature of service, said the Ind-Ra. It further said equity foreign portfolio investments saw a rebound to near pre-COVID levels during the first week of June 2020, reaching Rs 21,900 crore, whereas the debt segment saw a sell-off to the tune of Rs 1,600 crore.

      Bajaj Auto says that it will have to bring in paycuts if the lockdown is imposed on the Waluj plant in Aurangabad due to production cuts tha...

      The Department of Heavy Industries (DHI) has sought feedback from auto industry groups on the initial proposal, which suggests giving incentives over five years to increase local production and procurement for export, the sources said.

      "We are demanding that due to increased number of COVID-19 cases, work should be suspended for few days to break this cycle of transmission of disease. We are just seeking temporary suspension of work for few days," Bajaj Auto Workers' Union President Thengade Bajirao told PTI when contacted over the matter.

      The manufacturing facility in question had resumed production on 24th April and the first instance of an employee testing positive for the novel coronavirus was reported June 6, the statement read. The company reported all the cases to local authorities and all safety protocols were followed.

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