Motown Sentimeter: Measuring the extent of auto slowdown
Days after the auto components manufacturers stated that over a million jobs could be affected if this industry slowdown continues, it seems the government has taken note of the problem and reached out to stakeholders for suggestions. The government is also analysing steps taken in 2009 to help the auto players after the Lehman Brothers crash. The trends however don't look positive at this juncture.
Days after the auto component manufacturers said that over a million jobs could be affected if the industry slowdown continues, it seems the government has taken note of the problem and reached out to stakeholders for suggestions.
The government is also analysing steps taken in 2009 to help the auto players after the Lehman Brothers crash. The trends however don't look positive at this juncture. Market leader Maruti Suzuki's quarter one profits declined by 27 percent. CNBC-TV18’s Anu Sharma has learnt that the government is now considering a slew of measures including slashing the goods and services tax (GST) rate to boost demands for vehicles.
Reducing GST for components vehicles to 18 percent, a scrappage policy, recap of non-banking financial companies and a clear plan for introducing BS-VI fuel ahead of the April 1, 2020 deadline -- these are some of the demands that automakers have to address the slowdown.
CNBC-TV18’s Latha Venkatesh and Sonia Shenoy caught up with President of the Society of Indian Automobile Manufacturers (SIAM) Rajan Wadhera and discussed issues in the industry and its growth prospects.
Japanese car-maker Nissan will cut over 12,000 jobs worldwide and India too shall bear the brunt. CNBC-TV18’s Alisha Sachdev has more details about why the job cuts and what will be the impact.
The auto slowdown has affected all segments including commercial vehicles (CVs). Sale numbers for CVs was down 12 percent in June compared to the same period last year. Ashok Leyland’s Chief Operating Officer Anuj Kathuria believes that the first and second quarter for the auto industry may not look good. He spoke to Alisha Sachdev and said Ashok Leyland was not losing hope and expected demand to bounce back starting October. While the industry is hopeful that government will lend a helping hand, Ashok Leyland believes there is a huge question mark around the scrappage policy.
The NITI Aayog has asked SIAM to come up with a roadmap to promote two- and three-wheeler electric vehicles. Original equipment manufacturers have expressed concern about the lack of charging infrastructure and customer demand. CNBC-TV18 spoke to the MD of Energy Efficiency Services Limited about their plans to set up charging stations across the country.
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