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The Economic Times
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| 19 September, 2020, 08:59 PM IST | E-Paper
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    SEARCHED FOR:AUTO SLOWDOWN

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    • Slump in sales, migration to BS-VI norms and lack of exciting launches behind muted enthusiasm.

      MD Naveen Munjal told ET that although sales of electric two-wheelers were subdued in the first half of this financial year, the company expects demand to pick up substantially in the coming years as legacy players such as Bajaj Auto enter the segment.

      Maruti Suzuki India and Mahindra & Mahindra reported rise in their domestic sales in December.

      There are new launches planned, of course, but they are fewer than in other years. Starting Wednesday, the participating automakers are due to showcase more than 60 new vehicles and six concepts through the week. Almost every vehicle maker had an electric vehicle (EV) on display and many have even announced the rollout of affordable EVs in the future.

      The likes of Great Wall, Kia and MG Motor, which have taken up almost a third of the show arena at the Auto Expo which begins this week, are the ones along with the VW Group and PSA that are expected to drive future investment in India’s auto sector. These global players are expected to invest $4-5 billion in India in the next three-four years.

      "There is some industry slowdown. We believe that the slowdown in the automobile industry is temporary. Customer sentiments will revive again," said Yong S Kim, ED and CSO of KIA Motors India.

      The auto industry has been going through its worst sales slowdown for more than a year now. With the country switching to BS-VI emission standards on April 1, they have just over two weeks to clear BS-IV stocks, which remain large, especially for two-wheelers, for some manufacturers and dealers.

      The rise in the cost of ownership, worsening agri economy and weak salary growth have dented consumer sentiment, which has led to a decline in FY20, HMSI said.

      Automakers are observing no-production days in order to adjust manufacturing to the muted demand.

      "The sharp decline in economic growth should alarm us all. The 23.9 per cent contraction in India (and the numbers will probably be worse when we get estimates of the damage in the informal sector) compares with a drop of 12.4 per cent in Italy and 9.5 per cent in the United States, two of the most COVID-19-affected advanced countries,"Rajan wrote in a post.

      Maruti Suzuki anticipates pick up in demand post Diwali sales. There are no planned production cuts for November except two holidays. Signs ...

      With a large number of manufacturers giving this edition of Auto Expo 2020 a miss, including top names such as BMW, Audi, Jaguar etc. the biennial event has literally been rescued by the Chinese makers who have booked over 20% of the total 40,000 sq meters at hand.

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