Total passenger vehicle production stood at 1,40,370 units last month as against 1,47,550 units in February 2019, a decline of 4.87 per cent, it added.
Moneycontrol’s Sakshi Batra does a 3-point analysis to understand how the sales of different segments of the sector have been in February 2020.
Indian Oil chairman Sanjiv Singh has also said they will soon form a joint venture with Phinergy to set up an unit to manufacture metal-air batteries called al-air battery system, which does not use electricity to recharge.
Moneycontrol's Shraddha Sharma gets in conversation with Swaraj Baggonkar to talk about the government's push towards LNG.
Moneycontrol's Shraddha Sharma talks to Corporate Bureau Chief Prince Thomas to understand what impact the coronavirus outbreak could have on companies the world over.
Moneycontrol's Shraddha Sharma talks to Swaraj Baggonkar to understand why sports utility vehicles (SUVs) and electric vehicles (EVs) overtook the 15th Auto Expo.
The 3 million-plus-units domestic auto industry has seen volume plunging over 16% as of December-end 2019, with some of the segments performing even worse.
The central bank also extended the deadline to classify non-performing loans (NPAs) as standard by a year in cases of commercial real estate
The Budget announced an increase in basic customs duty on CBU, SKD units of electric motor vehicles from commercial, passenger, three-wheelers and two-wheelers segment which is a negative for EV importing OEMs.
The company is analysing which electric vehicle could be launched in India out of the ten electric vehicles (EVs) that it is planning to launch globally in the next two years. It is also considering local assembly of some models.
The automaker, which is looking to drive in a mass market electric vehicle (EV) over the next two-three years, said it will look to increase localisation to keep the price of the model under check to offset impact of increased customs duty.
The government has been putting efforts towards clean energy and electric vehicle is one of their main projects, experts point out.
Status quo on taxes may disappoint the markets
During the April-November period, the industry reported a fall of 16 percent in volumes to 15.7 million units as per data from the Society of Indian Automotive Manufacturers (SIAM).
Moneycontrol's Shraddha Sharma talks to M Saraswathy to discuss the impact of the changes proposed by IRDAI.
Earlier, government think-tank Niti Aayog had reportedly proposed that after 2030, only electric vehicles (EVs) should be sold in India. Later, Union ministers, including Petroleum Minister Dharmendra Pradhan, tried to allay the fear of automobile manufactures in the country by denying that.
The council will also discuss reworking the GST structure which might increase the lowest slab to 8 percent from 5 percent.
"Automobile sector is very important to the country. It has the maximum employment potential," said Gadkari.
Finance Minister Nirmala Sitharaman said that the "millennial mindset"of relying on taxi services, besides the upcoming stricter emission norms, are responsible for the auto sector slowdown.
The sales numbers are alarming and challenges for the sector are mounting. At first glance, it looks logical to stay away from auto stocks.
Erratic government policies have deepened the downturn
The shift to Bharat Stage (BS) VI norms were also discussed and the government would be meeting the auto sector again
Rate cuts and ease of funds flow are at best lubricants, they are not engines of growth. Clearly, it is up to the government to do something to tackle the slowdown now.
The growth of inland waterways and the dedicated freight corridor will impact long-term truck demand
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