Hero MotoCorp, the country's largest two-wheeler manufacturer, on Friday said that their manufacturing facilities will be closed for four days (August 15 to 18) owing to "demand scenario".
The domestic automobile industry on Tuesday sought revival measures from the government, even as data showed that overall sectoral off-take in July plunged 18.71 per cent, recording the highest monthly sales de-growth in the last 19 years.
Ride-hailing service Ola on Tuesday announced the acquisition of 'pikup.ai', an artificial intelligence (AI) start-up based out of Bangalore, for an undisclosed sum.
India-listed manufacturer Bosch Ltd said on Tuesday it had begun restructuring parts of its business in light of a deepening slowdown in the country’s automotive industry, as the German car parts supplier posted a drop in June-quarter profit.
India’s domestic passenger vehicle sales fell 30.9% in July, an auto industry body said on Tuesday, marking a ninth straight decline in monthly sales amid a deepening crisis in the autos sector that has triggered massive job losses.
Faced with the nightmarish prospect of job losses, auto sector employees have sought government's intervention through relief measures for the industry dented by truncating demand.
The slowdown in the automobile sector and fall in sales seems to be taking a grave turn with auto major Mahindra and Mahindra announcing a production shutdown of 8-14 days in its various plants during the ongoing July-September quarter.
In a meeting with Finance Minister Nirmala Sitharaman, the industry captains on Wednesday suggested to reduce GST on cars from 28 per cent to 18 per cent, ease financing and bring out a scrappage policy among some of the key steps to revive the sector.
Automaker Mahindra and Mahindra Ltd (M&M) said on Wednesday it saw a “huge danger” of job losses in the ailing domestic auto sector, as it sought government intervention, including tax reductions to revive demand.