The premium SUV market in India has bucked the trend in the overall passenger vehicle sales, growing by a third in the past year as consumers upgraded to large, feature-rich products like the MG Hector and Tata Harrier.
The carmaker, whose sales fell by more than a third in the first eight months of the fiscal year to a little over 77,000 units, expects the market to pick up from the next festive season, said Honda Cars India president and CEO Gaku Nakanishi.
The industry is estimating sales to fall 13% from last year — worse than an 8% decline, the steepest so far, recorded in 1998 — to about 2.95 million units in 2019. This would take the volume below the levels three years back. In 2016, automakers had sold nearly 2.97 million units.
The firm was earlier looking at launching products in the 150cc motorcycle segment, but with the market moving towards higher-displacement bikes, the plan now is to introduce products in the 250-300cc range. Piaggio additionally is working on introducing an India-specific scooter in the next financial year and refreshing its range of products here under the Vespa brand.
A recent in-house survey revealed that six out of 10 Ola bike partners also work for food delivery networks, helping increase their income levels.
The upward revision in the ex-showroom prices of its motorcycles and scooters will be effective from January 1, 2010.
"The company will inspect 63,493 vehicles of petrol SHVS of Ciaz, Ertiga and XL6 for a possible issue with the Motor Generator Unit (MGU)," MSI said in a statement. A possible defect may have occurred in the MGU during manufacturing by an overseas global part supplier, it added. The vehicles were manufactured between January 1, 2019 to Nov 21, 2019.
The company, whose sales declined 16% to 9,915 units in the nine months to September, is planning to launch a vehicle every month to attract buyers. Mercedes Benz India managing director Martin Schwenk told ET that the local market saw a turnaround in sentiment during the festive season. The company is optimistic it will be able to sustain the momentum.
MG Motor India managing director Rajeev Chaba said the company had already started working on the project, taking cues from the requirements of local consumers. The concept will be completed in the next one year, and a production model may hit the roads in the next three to four years, he said.
The company has initiated a feasibility study for fuel cell electric vehicles in the country and promises to being a solution with zero emissions, he added. Fuel cell electric vehicles are free from all kind of green house gas emissions. Earlier this year, Hyundai had launched fully-electric SUV Kona in the country.
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