This rise was spurred by record kharif sowing - after a good rabi season - that ensured high disposable incomes in rural India.
British automaker MG Rover and auto component manufacturer PowerTrain would set up manufacturing units in collaboration with tractor maker Sonalika in Himachal Pradesh
Sonalika Group on Wednesday unveiled its two-litre multi utility vehicle 'Rhino' with an entry-price of Rs 5.45 lakh and said it has offloaded 20 per cent stake in its subsidiary International Cars and Motors Ltd to Citibank.
Companies expect to reach full capacity in August after fixing supply chains that collapsed in the months-long lockdown to contain the coronavirus.
Increase in kharif sowing area, good monsoon, rural cash flows and base effect among factors that have driven volumes.
Auto maker Sonalika Group on Thursday said it is looking to set up two assembly lines for producing tractors in East and South African regions as it aims to double exports turnover to Rs 800 crore (Rs 8 billion) within three years.
ICML has tied up with Pinnafarina, Italy, to develop a line of world cars. A sports utility vehicle and a passenger car too are in the offing.
Falling incomes and longer winter to translate into lower demand for at least some months.
Companies have also managed to find talent created by frequent exits.
The US-based auto maker told the government an internal probe had revealed the company had violated testing targets
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