Track how the slowdwn in auto industry is going to effect on economy, other industries, jobs and our life.
Carmakers will shed 80,000 jobs across the world in the coming years
Industry captains said the auto sector needs double-digit growth if the government wants to attain $5 tn goal.
Workers retrenchment has taken place from October last year till July 2019, he claimed.
Kotak Institutional Equities expects TVS Motor to report a 27.4 per cent year-on-year (YoY) drop in net profit.
Auto sector of India continues to be in recession due to weak consumer demand. SIAM data for September show that while decline in passenger vehicle sales was about 24 per cent that in commercial segment was whopping 62.11 per cent.
International Monetary Fund chief Kristalina Georgieva warns of slower growth for 90% of the world this year.
The prolonged decline in sales, for the eleventh consecutive month, has forced Maruti Suzuki India to cut its production by 17.48 per cent in September, making it the eighth straight month it has reduced its output.
While Tata Motors is offering a discount of upto Rs 1.5 lakh on a limited set of its models, Mahindra isn't far behind, with discount offers of upto Rs 76,500 on its product range.
Ashok Leyland's combined sale declined by 50 per cent in August with a total sale of 8,296 vehicles against 16,628 vehicles sold in August last year.
Tier II-III companies with a turnover of less than Rs 400 crore are bleeding the most.
Domestic carmakers in the country are battling a drop in sales amid a slowdown in the economy. People are buying lesser cars, slowing down the revenue of automobile industry that contributes 7.5 percent to Indias GDP. This slowdown was bound to affect the
Due to the prolonged slowdown in auto sales since September 2018, automobile component manufacturing sector has already witnessed 10-15% loss in employment, as growth in revenue for companies in the sector slow down significantly.