The Indian automobile industry is facing a huge impact. Apart from the suspension of shipments from China, consumers are reportedly anticipating more discounts on BS4 stock in March, which has led to sales taking a nose-dive in February.
Mahindra and Mahindra posted 55 per cent lower sales with just 10K vehicles sold in February 2020. The highest dip was, however, shown by Volkswagen, which took a 86 per cent hit in February compared to the previous year. Honda too saw a 46 per cent dip. Things were marginally better for Maruti (2.7 per cent) and Hyundai (around 7 per cent).
China accounts for 27 per cent of India’s automotive components. A report by CRISIL suggested that “the current slowdown” and BS4 vehicles stock has actually been a “relief” for the industry in managing demand. However, if the lockdown in China persists, it will have an impact on the upcoming BS6 vehicles to be sold from April 1, 2020.
Also, the government has asked to decontaminate containers prior to release to Customs. This is reportedly causing a delay as well.
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