Maruti Suzuki India said on Friday it would recall 40,618 of budget four-wheeler WagonR manufactured between November 15, 2018 and August 12, 2019.
SBI announced processing fee waiver on car loans during the upcoming festival season in a bid to boost car sales. The bank is also offering the lowest interest rate starting 8.70% on car loans, with no escalation in interest.
Country's largest lender State Bank of India on Sunday said that it is extending the repayment period for stressed automobile dealers by 15-30 days to help them out of current inventory builds-ups due to the slowdown in the sector and in economy.
India's second largest car maker, Hyundai Motor India Ltd (HMIL) has declared "no production days" this month for some of its production departments owing to tough market conditions for the automobile sector.
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.
Suzuki Motor Corp on Monday reported a 46.2% fall in first-quarter operating profit, hurt by lower output at home as it improves its inspection systems, and falling demand in India, its biggest market.
Many dealers and automakers agree it is a deepening liquidity crunch among India’s shadow banks that has been the biggest single factor in an auto sales collapse, which some fear may lead to more than a million job losses.