Passenger Vehicle

The automotive industry, which continues to battle the economic slowdown for close to two years, has seen lowest sales this year over the past two decades on the back of covid-19 led disruptions

Rising cases of covid-19, regional lockdowns and lack of manpower have hampered efforts to increase production. Intermittent lockdowns in some states have hit sales

Despite the sharp decline for two consecutive years, the credit quality of most passenger vehicle manufacturers would remain stable because of strong balance sheets and healthy liquidity

Notwithstanding the favourable commodity prices, negative operating leverage and high discounts have impacted the credit metrics for passenger vehicle manufacturersThe automobile industry has been battling headwinds like credit crunch in financial institutions and decline in consumption demand

As many states push for an extension of lockdown, sales may be hit this month as wellPerformance in March is not strictly comparable as plants began to close around the last week

Liquidity crunch and tighter financing environment, weak rural income and overall slowdown in economic activity brought demand under pressure, says the rating agencyImprovement in economic environment and resolution of liquidity constraints remain critical for a sustained revival in the industry, said ICRA

Altroz, which comes with BS-VI compliant petrol and diesel powertrains, is set for launch next monthThe company used to add just 100 showrooms per financial year, and this year has been an exception

Hyundai and M&M also pushed their respective compact SUVs— Venue and XUV300—during the festive monthSales of motorcycles and scooter remained in the red during the month, despite festivals like Diwali and Navratri

The company's total vehicle production last month stood at 119,337 units as against 150,497 units in October last yearHowever, in terms of sale, the company did show signs of recovery owing to the festival season demand

M&M’s total export shipments came down to 2,703 units in October from 3,066 units from the year-ago periodThe commercial vehicle volumes were at 23,582 units, down 3% YoY