Maharashtra is estimated to contribute 15-20% to the country’s car and SUV sales. (Representative image)
NEW DELHI: The fresh Covid lockdown in Maharashtra has become a worry for the car industry, which fears that the recent boost in demand may be punctured, especially on the retail front.
Dealers too are worried and say that a prolonged period of shutdown may lead to closure of many car and two-wheeler retailers, many of whom are still to recover fully from the negative impact of the first lockdown of last year.
Maharashtra is estimated to contribute 15-20% to the country’s car and SUV sales and a reversal in demand in the state due to restrictions will disturb the resurgence of the industry, company executives told TOI.
Auto industry fears hard lockdowns to contain the second wave will hamper recovery momentum
While the German luxury-car maker has witnessed a steady recovery in demand since the easing of the lockdown, total volume last year crashed 43% to 7,893 units. Overall sales in India’s luxury-car market fell 40% to 21,000 units in 2020.
Synopsis
While Nagpur in Maharashtra is currently the only city in the country which has gone under lockdown during this fresh surge in Covid-19 cases, automakers fear any additional lockdown which disrupts production or sales will result in a loss of momentum in the industry, which has been working at recouping volumes lost the last two years.
PV sales grow 17.9% in Feb amid supply chain challenges: SIAM
In fiscal year so far, auto industry sold 1.9 crore units against 2.4 crore during same period previous year, marking an 18.92 per cent decline. Three-wheeler sale saw biggest 69.77 per cent decline, followed by two-wheelers at 17.69 per cent
Manoj Sharma | March 10, 2021 | Updated 23:45 IST
Rajesh Menon, Director General, SIAM, supply chain challenges continue to be obstacles in smooth functioning of industry
Showing a strong comeback, passenger vehicles sales grew 17.92 per cent in February at 281,380 units compared to 238,622 units produced in February 2020, SIAM (Society of Indian Automobile Manufacturers) data showed. The overall sale passenger vehicles, three-wheelers, two-wheeler, and quadricycle saw 15.36 per cent growth at 22.5 lakh units in February 2021 as compared to 19.5 lakh sold in February 2020.
Stock market volatility at two-month low on easing inflation concerns
On Wednesday, the benchmark indices ended higher for the third consecutive session and the Nifty was up 76.40 points or 0.51 per cent at 15,174.8. Among sectors, metals, IT, pharma and auto gained the most while PSU bank fell marginally
Niti Kiran | March 10, 2021 | Updated 18:51 IST
Volatility in Indian stock markets has cooled off to a two-month low
Volatility in Indian stock markets has cooled off to a two-month low of 20.7. The India VIX index fell 12.1 per cent and 13.4 per cent in the last one week and past one month, respectively. It hovered around 30.8 a year ago.
Vehicle registrations fall by over 13 pc in Feb: FADA ANI | Updated: Mar 09, 2021 13:56 IST
New Delhi [India], March 9 (ANI): Automobile registrations across the country dropped by more than 13 per cent in February from the year-ago period with passenger vehicles marking a fall of 10.6 per cent, the Federation of Automobile Dealers Association (FADA) said on Tuesday.
FADA President Vinkesh Gulati said the fuel consumption, which had almost recovered from the lows of pandemic is once again witnessing headwinds due to historic price hikes. Consumer spending, which is the driving force behind India s economy and accounting for 60 per cent of the GDP, fell 2.4 per cent showing signs of sluggishness. This also reflects that consumers are still uncertain and worried about their income and cautious about spending, he said.