Over ten lakh people may be laid-off if the auto industry continues to slide, said Ram Venkataramani, President, ACMA while talking about the performance of the auto component industry in FY 2018-19. Currently, the sector employs five million people and contributes 2.3 per cent to country's GDP.
He further added, "The automotive industry is facing an unprecedented slowdown. The vehicle sales in all segments have continued to plummet for the last several months. Considering the auto component industry grows on the back of the vehicle industry, a current 15 to 20 per cent cut in vehicle production has led to a crisis like situation in the auto component sector."
The subdued demand,
recent investments made for transition from BS-IV to BS-VI, lack of clarity on
policy for electrification of vehicles, especially for two and three-wheelers,
has left the industry unsure of its future and has caused it to stop all future
Automakers offer discounts of up to Rs.1 lakh to take off Reportedly with only five months to go for new emission norms to kick in, automakers have started the drive to launch BS-VI petrol vehicles. However, BS-VI variants seem to move slower with customers preferring BS-IV variant products in the current festival season. Auto companies have been doling out a number of offers to reduce their BS-IV inventories with some offering discounts up to ₹1 lakh on certain products in their portfolio.
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- Skoda Octavia's next generation sketches revealing
- Urbanite brand to be a new division under Bajaj Auto & will spawn electric scooters
- After RTC, cabs to go on strike
- Actor Rajkummar Rao brought home Harley-Davidson Fat Bob, priced from Rs. 14.69 lakh
- Auto sector continues to be on slide due to low consumer demand
- Jawa 90th Anniversary Edition launched in India at Rs.1.73 Lakhs
- Mercedes-Benz delivered over 200 cars on the occasion of Dussehra and Navratri
- 8000 Indians only need Electric Cars
- Priced between Rs. 15 and Rs. 17 lakh, Nexon EV will be launched in FY 2020
- Maruti Suzuki S- Presso launched in India
- MG Hector is open for bookings once again for a limited period
- Benelli India has started pre-booking of the retro-classic Imperiale 400
- Maruti Suzuki anticipates Sales to exceed in September
- Scooters India developed five prototypes of EVs but it is yet to get regulatory clearance for them