Already reeling under a demand slump, automobile manufacturers have expressed disappointment over the RBI's decision to hike short term lending rate saying it is likely to impact the interest rates on car and automobile loans further.
Unlike in the past, this time around SUVs and utility vehicles seem to be losing lustre.
Domestic passenger car sales continued to grow for the fourth consecutive month, with May sales registering a 2.48 per cent rise, but the trend may reverse soon unless there is more support from the government, says industry body SIAM.
Domestic passenger car sales grew 2.64 per cent to 1,76,011 units in March.
TVS Motor Company, the only company in India to manufacture mopeds, said domestic sales dropped by 25.58% in April-Oct and exports fell by nearly 40%.
Most of the leading vehicle manufacturers were before the court, though their stand was not identical and sometimes contradictory.
Cars priced above Rs 25 lakh account for 1 per cent in India's 3 million-car market and the share has remained unchanged over the last five years.
HCIL will voluntarily replace airbag inflators of 2,23,578 vehicles of previous generations of CR-V, Civic, City and Jazz.
The change in stance follows a strong opposition by automakers of the proposed government plan to ban two-wheelers (below 150cc) and three-wheelers by 2023 and 2025, respectively
With entry-level cars being preferred amid the pandemic, market leader Maruti Suzuki has strengthened its hold, along with Hyundai Motor India.
According to the latest data from SIAM, in the top 10 best passenger vehicles, Maruti's Alto retained the top position last month
While two-wheeler sales are down 15 per cent year-on-year, passenger vehicles sales are lower by 5-7 per cent.
While hybrids, CNG and biofuels found favour in 2018 among many carmakers including Maruti Suzuki, Mercedes-Benz, Toyota and Honda, others such as M&M and Tata Motors have shown full faith in electric vehicles.
The heavy industries ministersaid that the proposal for the auto scrappage policy was ready and all stakeholders have provided inputs, therefore its announcement was likely very soon.
The exercise is in keeping with SIAM's voluntary code on vehicle recall
The duo bought additional shares in pharmaceutical companies Lupin and Jubilant Life Sciences, along with Agro Tech Foods and NCC during Q2FY21
The green carpet has been rolled out, and everyone's looking good!
Retail rates of the fuel will now reflect international movement in oil prices.
The government on Tuesday expressed concern over reports that automobile manufacturers are selling vehicles with purposefully downgraded safety standards in India and asked them to stop the 'unpardonable' practice. Speaking at a seminar on implementation of vehicle location tracking devices in order to enhance the safety on road, organised by auto industry body SIAM, Ministry of Road Transport and Highways (MoRTH) secretary Giridhar Aramane also noted that only a few manufacturers have adopted vehicle safety ratings system and that too used only for their high-end models.
The broader NSE Nifty ended 57 points, or 0.49 per cent, lower at 11,498.90 in its fourth straight day of losses.
Industry representatives have said from the second half of the year, they hope to see revival because the rural economy is looking up and the projects the government has announced.
Vehicle sales across categories registered an increase of 4.99 per cent to 15,23,693 units from 14,51,263 units in February 2013.
The dynamics are changing as the sales pick up.
Maruti will showcase its first concept electric vehicle, the e-SURVIVOR; M&M it's six new EVs, including two futuristic concepts
Domestic passenger car sales rose by 9.62 per cent to 1,77,604 units in July as against 1,62,022 units in the same month last year.
Maruti has announced it will phase out diesel variants from April 1, 2020, when stringent BS VI norms take effect
Domestic passenger car sales declined by 9 per cent to 1,39,632 units in June this year from 1,53,450 units in the same month of 2012.
Sales of commercial vehicles were down by 24 per cent to 43,080 units in April, SIAM said.
Maruti Suzuki India's grip on the country's car market tightened in October with six of its models, including the newly launched mid-sized sedan Ciaz, featuring in the top 10 selling brands in the month.
Sales of commercial vehicles were up 12.73%.
The muted expectation of dealers come at a time when vehicle manufacturers such as Maruti Suzuki, Hyundai Motor, Mahindra & Mahindra and others reported a double-digit fall in wholesale dispatches to dealerships in July and August.
Car sales in India fell for the second consecutive fiscal in 2013-14 with a drop of 4.65 per cent as the auto industry continued to struggle with demand slump.
Total sales of commercial vehicles were down by 26.95 per cent to 51,680 units from 70,746 units in the year-ago period, SIAM said.
Bucking the overall downtrend, shares of RIL rallied nearly 10 per cent, capping the Sensex loss to a large extent.
Indian two-wheeler majors Hero MotoCorp and Bajaj Auto are the biggest beneficiaries of this surge and, between the two, they are estimated to control about half of the local market there
India on Sunday announced temporary suspension of e-visa facility for Chinese travellers and foreigners residing in the neighbouring country and issued a fresh advisory saying anyone with travel history to China since January 15 can be quarantined.
From Hyundai to Tata Motors, automakers are staring at a bleak future. With no succor provided in the Budget, the pain for companies is likely to continue for the next two quarters.
With car sales in India falling for a record ninth month in a row in July posting 7.4 per cent decline and that of heavy and medium commercial vehicles dipping for 17th month in succession, industry body SIAM said on Monday auto sector has started retrenching temporary workers.
Sales of commercial vehicles were up 5.63 per cent to 56,032 units in June, SIAM said.
According to the data released by the Society of Indian Automobile Manufacturers, motorcycle sales in last month grew by 18.05 per cent to 11,05,103 units from 9,36,122 in the same month previous year.
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