India’s largest carmaker Maruti Suzuki India sold around 2.34 lakh vehicles between the beginning of Navratri and the end of Diwali.
The company is seeking to further boost demand with its offer after the recent leave travel concession (LTC) cash voucher scheme announced by Finance Minister Nirmala Sitharaman.
When asked by when the company would reach a pre-COVID-19 level in terms of sales and production, Srivastava said there is still a long way to go to reach normal figures.
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In the next two years, he said the Indian auto sector will focus on 'building the nation responsibly, through sound development of the industry.'
Bhargava said there can be no two opinions on the way to go forward for growing the manufacturing sector and there needs to be national consensus on this.
Net sales declined to Rs 3,679 crore in the first quarter as against Rs 18,738.8 crore in the year-ago period, MSI said in a statement.
'Owing to the global pandemic, it was an unprecedented quarter in the Company’s history wherein a large part of the quarter had zero production and zero sales,' the company said.
The auto major has tied up with ORIX Auto Infrastructure Services Limited, a subsidiary of ORIX Corporation, Japan, to launch Maruti Suzuki Subscribe for the Indian market.
Apart from 'attractive rates of interest', the partnership will offer loans to customers with non-income proof as well, it added.
The company exported 4,651 units last month, down 48.82 per cent from 9,089 units in May 2019, MSI said.
As part of the tie up, ICICI Bank is offering flexi EMI scheme which enables customers to pay low EMI initially, in order to help them overcome the liquidity stress.
Over 400 True Value outlets are presently operational in accordance with local government rules and guidelines.
He was responding to a query whether it was the right time to seek GST rate cut for the industry which has been impacted by the coronavirus pandemic.
The company said the units were dispatched ensuring all safety guidelines.
Passenger vehicle sales halved in March, commercial vehicle sales crash 90 per cent amid coronavirus outbreak
An even bigger slump was seen in the sales of commercial vehicles despite steep discounts on BS-IV stocks.