New Delhi, Apr 14, 2020, Tuesday
The lockdown on the auto sector has been hit hard by the recession since 2018. Siam (Society of Indian Automobile Manufacturers) said that the auto companies are losing Rs 2300 crore daily due to lockdown.
According to the report, the lockdown in the auto sector has so far resulted in loss of 46,000 crore. According to SIAM president Rajesh Vadhera, the auto sector made a total of 14.47 lakh vehicles in March. In March 2019, 21.80 lakh vehicles were made. Thus, production of vehicles has decreased by 33%.
On the other hand, total vehicle sales declined 18% in March 2020 compared to March 2019. Now auto companies are launching vehicles for pre-booking. Consumers are also considering delivering at home instead of a show room.
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