"India's steel demand growth pace will slow because of weak auto and manufacturing demand... India's demand growth, remains strongest in Asia even as growth pace slows," the US-based agency said in its outlook report titled 'Asia: Steel - 2020 outlook'. The country's steel output will increase on higher capacity utilisation as demand grows.
On the opening of the new outlet, CADISA senior director Lic. Jorge Siekavizza was quoted as saying: "We at CADISA are happy to commence this partnership with the inauguration of flagship showroom in Gautemala city. We will follow this with two more flagship stores and support with end-to-end service, spare and support."
Automobile manufacturers, including Maruti Suzuki India, Mahindra & Mahindra and Toyota Kirloskar Motor, on Friday reported improved sales in October driven by festive season demand amid a prolonged slowdown in the sector.
The company, which primarily makes two-wheelers and three-wheelers, had sold 3,98,427 units in the same month last year, TVS Motor Company said in a statement.
Passenger vehicle sales, which were in the doldrums since late last year, have shown positive sales trajectory this year in comparison to the off-take witnessed during Dhanteras 2018.
The company said it delivered around 200 cars from a single point in Delhi-NCR, marking one of the largest vehicle delivery events on Dhanteras.
Maruti Suzuki has made yet another big announcement ahead of Diwali. The automaker has decided to massively decrease prices of its popular Baleno RS Model. According to a new notification, Baleno RS Model is now cheaper by ₹1 lakh.
The steps taken to reverse the economic slowdown, along with the upcoming festive season offers, might have the potential to accelerate the automobile sector's sales growth, industry insiders opined.
Hero MotoCorp on Thursday urged the government to consider a phase-wise reduction in GST on automobiles, cutting rates for two-wheelers in the first stage and deferring tax cut on four-wheelers to a later stage.
The company had earlier said in August that it would be observing no production days for 8-14 days across its automotive sector plants in the July-September quarter.
Finance Minister Nirmala Sitharaman Tuesday said the slowdown in the automobile sector was due to many factors like the change in mindset of millennials,who now prefer taxi aggregators like OLA and UBER instead of committing for monthly installments to own a car.
Automobile sales in India witnessed its worst-ever drop in August with despatches in all segments, including passenger vehicles and two-wheelers, continuing to plummet as the sector reels under an unprecedented downturn, industry body SIAM reported on Monday.
Hinduja Group flagship firm Ashok Leyland on Monday announced non-working days at its various manufacturing facilities following weak demand. "Following are the non-working days at our various plant locations during September 2019 due to continued weak demand for our products", the company said in a BSE filing.
This comes after the slowdown in market hitting Medium & Heavy Commercial Vehicle (M&HCV) sales by 70 per cent in August 2019. The Chennai-headquartered automaker has seen almost 10 days of no-production during last month.
Auto Sector Crisis: The auto sector, which is reeling from a slowing demand, has got a much-needed voice of support from Union Road and Transport Minister Nitin Gadkari.
The automobile industry value chain includes parts manufacturers, OEMs, dealerships and workshops. The entire value chain is one of the largest employers in the country and has a substantial contribution to the country's GDP.
The company's market valuation dropped Rs 6,644.88 crore to Rs 1,76,105.12 crore on the BSE.
Speaking at the Federation of Automobile Dealers Associations' Auto Retail Conclave 2019, he noted that even as the industry faces the sales slowdown, OEMs have been investing Rs 1,000 crore, on an average, to upgrade their offerings.
The country's largest carmaker Maruti Suzuki India on Sunday reported a 32.7 per cent decline in sales at 1,06,413 units in August. The company had sold 1,58,189 units in August last year, Maruti Suzuki India (MSI) said in a statement.
Sitharaman hit out at the Congress for indulging in "huge corruption and scandals" to run the economy and said its tenure saw inflation touching double digits with skyrocketing prices.
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