SEARCHED FOR:AUTO SLUMP
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.
Sale of used cars in top gear in India amid coronavirus pandemic
Pandemic is only the latest blow; the headwinds have been gathering for th...
Toyota says it won't expand further in India, blames 'we don’t want you' taxes
Automobile sales in India were weathering a slump before the c...
Sharp rebound for auto sector: Hiring picks up in Motown as companies restart production
Bulk of the job postings were in the month of June as automakers restarted production. Data from staffing firm Xpheno showed the automotive industry had over 8000 jobs in July across sectors.
Auto dealers seek higher margins to offset slump in sales, save jobs
Federation of Automobile Dealers’ Association (FADA) has urged automakers to fix minimum dealer margin at 7% on selling price of the vehicle to help restrict job losses in the sector that employs four million personnel directly and indirectly, and make “this business model more sustainable, shockproof and comparable to international standards”.
Slump in car sales shows pain persists for Modi’s economy
Local companies sold 105,617 cars and SUVs, compared with 209,522 in June 2019, data released by the Society of Indian Automobile Manufacturers showed Tuesday.
SIAM asks for GST cut as car sales fall 78% in April-June; slump for 9th consecutive quarter
According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales were also down 38.56 per cent at 10,13,431 units as compared to 16,49,475 units in the same month last year.
Tata Motors MD Guenter Butschek calls for collaboration among stakeholders amid COVID-19 crisis
"Now that we are in the restart phase, new challenges like growing virus cases and acute shortage of labour have come up. The end of the lockdown doesn't necessarily mean that we are post-COVID, because it is still there, it can possibly create more intermittent disruptions," Butschek said.
Don't see any case for investment in auto sector now: SIAM president Rajan Wadhera
Among the casualties of the current situation will be electric vehicles, where companies are no longer in a position to invest in the new technology and it would need government support for India not to miss the EV revolution, Wadhera said. He said after the lockdown relaxations automobile manufacturers have slowly started production but capacity utilisation remained very low.
India's auto sales volume will take 3-4 years to recover: Industry body
The pandemic-related disruption to the supply chain comes at a time when India's auto industry was already facing a slowdown in demand.
Maruti launches vehicle lease subscription service
The subscription service will begin as a pilot project in Gurugram and Bengaluru and will be initially available on Swift, Dzire, Vitara Brezza and Ertiga from Maruti Suzuki ARENA Channel and Baleno, Ciaz and XL6 from NEXA Channel, the company said in a regulatory filing.
M&M records 55 pc fall in total sales at 19,358 units in June
The company had sold 42,547 vehicles in June last year. Domestic sales dropped 53 per cent to 18,505 units last month, as against 39,471 units in June 2019. The company registered a 72 per cent decline in exports at 853 units last month as compared to 3,076 units in the year-ago period.
COVID-19 may result in job losses in dealerships worse than last year's auto sector slowdown: FADA
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.
Nikkei ends lower on auto export slump, geopolitical tensions
The Nikkei had posted its biggest intraday percentage gain in three months in the previous session.
India's automakers warn of up to 45% sales drop as economy slumps amid pandemic
India's auto industry is already reeling, with sales of cars, SUVs, trucks and motorbikes falling 18% last fiscal year to 21.5 million vehicles due to an economic slowdown. The pandemic, which has seen businesses shuttered and people told to stay at home all over the world, is set to make things worse.