However, for demand to sustain beyond the festive season, the economy needs to grow, said Zac Hollis, brand director, Skoda Auto India. Various financial institutions have predicted the Indian economy to contract as much as 9% this fiscal.
The Indian market is not yet ready for VW to sell its electric vehicles (EV) as the country lacks key infrastructure and EVs remain too expensive for most of the population, the company’s top management said a global press conference.
Government’s view came in response to key voices from the auto industry blamed ‘prohibitive’ taxes for dampened consumer demand amid the Covid 19 pandemic, which in turn was leading to companies halting their investments into expanding manufacturing facilities.
Industry insiders say that many automobile companies also have large intangibles on their asset sides in their balance sheets. In most cases, these include designs and patents related to new or upcoming product lines. These, too, say experts are being questioned.
Last month India's commerce minister said in a meeting with Indian automakers, including local representatives from Toyota and Maruti Suzuki, that they should find ways to reduce royalty payments to foreign parent companies for use of technology or brand names.
Ashok Leyland Chief Operating Officer Anuj Kathuria said, "With this order, our orderbook for ICVs has enhanced significantly...," adding that over the last few years, Ashok Leyland has made significant efforts to increase its market share in the ICV segment and the efforts have given rich dividends.
Gaining Indian government approval for China-related deals is now expected to take quite some time and although the sale should still happen at some point, GM has not changed its plan to begin winding down the plant's operations next month, they said.
Toyota is not leaving country rather investing Rs 2000 crore in 12 months. "The news that Toyota Company will stop investing in India is incorrect. @vikramkirloskar has clarified that Toyota will invest more than Rs 2000 crore in next 12 months," read the tweet by the Union Minister, who is in charge of the heavy Industries portfolio.
Through the contactless option, customers can make payment through QR code or payment link shared via SMS by the dealer, from their homes. Besides, customers can avail of instant EMI on major credit/debit card payments at "attractive rate of interest, thereby making the payments more affordable", it added.
Hyundai Motor Company today launched the all-new Hyundai Tucson. The fourth-generation compact SUV is a global model, with a long-wheelbase variant and a short-wheelbase variant. “We are thrilled to introduce the all-new Tucson, the latest model in Hyundai’s SUV transformation,” said Thomas Schemera, Executive Vice President, Head of Product Division at Hyundai Motor Group. “This exciting vehicle sets a new benchmark for innovation in its segment, delivering an impressive blend of design, technology, packaging and performance.”
A news article quoting a top executive of Toyota Kirloskar, a subsidiary of Japanese car maker Toyota, saying Indian expansion plans were halted due to 'we don't want you here' taxes has caused quite a flurry. The Vice-Chairman of the company and the Indian partner of Toyota, Vikram Kirloskar, however, clarifies that while the company is not investing in increasing their capacity, they do intend to invest in their existing plants. Kirloskar claims a decision has been taken to invest over Rs 2000 crore this year in upgrading technology