The impending closure of American carmaker Ford’s plant in Chennai means a loss of good chunk of business for one of the city’s biggest ports.
Last year, the government had announced the scheme for the automobile and auto components sector with an outlay of Rs 57,043 crore, earmarked for five years.
The total wholesales across categories, excluding commercial vehicles, declined to 15,86,873 units last month, compared to 17,90,115 units in August 2020.
Last year, the government had announced a PLI scheme for the automobile and auto components sector with an outlay of Rs 57,043 crore, earmarked for five years.
In Mumbai, August registrations of home sales fell 32% to 6,635 deals compared to the previous month of July, after lower stamp duty sops were withdrawn.
The COVID-19 pandemic has further caused negative growth for the industry pushing volumes back by many years, SIAM President Kenichi Ayukawa said.
Data released by FADA showed three-wheeler registrations were up by 83 per cent with 27,904 registrations in July 2021 compared to 15,244 in July 2020.
Developed and produced in India, Renault had commenced exports to Nepal earlier this month.
The company said that it is eyeing listing on the US stock exchange, Nasdaq, or domestic stock markets by the next year.
Passenger vehicles reportedly saw good demand as customers continued to show keenness in vehicles for observing social distancing and safety of their families.
Passenger vehicle retail sales rose to 1,84,134 units last month against 85,733 units in May this year as the COVID-19 situation improved across the country.
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Ex-Mahindra and Mahindra MD Goenka also said the auto industry today in India is bruised as even before the pandemic, it was almost stagnant for five years.
The digital platform would give automobile entrepreneurs an opportunity to increase business, gain access to high- quality parts with better margins.
The carmaker, in a statement, said it has produced over 15,010 units of the Magnite till May, including 1,220 units for exports to Indonesia, South Africa and Nepal.