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Old 9th December 2016, 10:04   #181
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

Maruti Suzuki, Hyundai Motor, Honda Motor, Mahindra & Mahindra, Ford Motor and Renault-Nissan have scheduled shutdowns stretching from a week to as much as 15 days over this month and the next!

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While Maruti and Hyundai Motor India said these were as per previous plans and not a result of demonetisation, the likes of Honda Cars India and Mahindra are suspending production for several days to correct inventory as demand is slow and their products are moving out of dealerships at a slower than normal pace.
The auto industry doesn’t anymore expect to post double-digit sales growth that it was hoping to achieve this fiscal year. In November, passenger vehicle sales grew just 1.8%, the slowest in many months

.Ford India has taken advantage of the situation to retool its Maraimalai Nagar plant on the outskirts of Chennai to make the new EcoSport compact SUV
Quote:
Mahindra is one of the worst hit automakers by demonetisation. Rural India, where cash transactions are high, accounts for a chunk of its sales, especially for the top selling Bolero. It expects December volume to fall as much as 30% from previous expectations, said people with knowledge of the matter
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Old 9th December 2016, 10:30   #182
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

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Originally Posted by volkman10 View Post
Maruti Suzuki, Hyundai Motor, Honda Motor, Mahindra & Mahindra, Ford Motor and Renault-Nissan have scheduled shutdowns stretching from a week to as much as 15 days over this month and the next!

The auto industry doesn’t anymore expect to post double-digit sales growth that it was hoping to achieve this fiscal year. In November, passenger vehicle sales grew just 1.8%, the slowest in many months

.Ford India has taken advantage of the situation to retool its Maraimalai Nagar plant on the outskirts of Chennai to make the new EcoSport compact SUV

Link
In any case despite all the noise and discounts, December is a low month for sales. Who wants a 'last years car' in a month. Hence often shutdowns are scheduled for December.

Now if paying for vehicles in cash (through banks) is in vogue, it should be clamped down on. I have no sympathies for there operators.
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Old 9th December 2016, 13:06   #183
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

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Originally Posted by volkman10 View Post
Maruti Suzuki, Hyundai Motor, Honda Motor, Mahindra & Mahindra, Ford Motor and Renault-Nissan have scheduled shutdowns stretching from a week to as much as 15 days over this month and the next!
This was on the cards.

I was just going through the other thread on November 2016 car sales. There was a huge sales improvement for MSIL. But, the approach of "We'll cross that bridge when we come to it" might cost them. I believe they would have to shove the cars out from the dealers around Feb/Mar-2017 with even further discounts.

IMHO, other manufacturers are going through the demonetization fiasco with a cautious approach. Why predict and produce early when there is not much demand.
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Old 9th December 2016, 13:59   #184
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

Expect a muted December sales figures.

Maruti Suzuki, Hyundai, Renault and Mahindra shuts plant from Dec 26 - Jan 2nd. Ford shuts its plant from Dec 18 - Jan 5.
Honda has other plans,
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Last edited by volkman10 : 9th December 2016 at 14:00.
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Old 9th December 2016, 18:06   #185
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

Any deals going on for the 2 wheelers on account of demonetization ?
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Old 10th December 2016, 09:15   #186
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

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Originally Posted by LonelyPlanet View Post
Any deals going on for the 2 wheelers on account of demonetization ?
There should be. Why, I think the cash purchases were far higher. I guess the rural segment was almost totally cash and carry.
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Old 16th December 2016, 11:42   #187
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

Here is the first from Maruti Suzuki

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In lieu of the recent demonetisation of Rs 500 and Rs 1,000 notes, Maruti Suzuki will accept only online bookings of the Ignis through the official Nexa website.
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Old 16th December 2016, 12:30   #188
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

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Originally Posted by volkman10 View Post
Here is the first from Maruti Suzuki


Link
But why online only. I could still pay using Cheque, Credit card too.
It seems Maruti is targeting a specific set of people as evident form the article, to create a sense of exclusivity which is ironic.


So message is, if you are not tech savvy, you are not welcome, not sure if its great idea.
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Old 19th December 2016, 15:45   #189
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

Auto sales hit - may further slump in 2017 as customer prioritizes needs beyond car purchase!

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Already hit by the double-whammy of demonetisation and an impending price rise, prospective car buyers may continue to push back plans of getting behind new wheels. An upward swing in prices of crude oil may further hamper market sentiments.
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Old 21st December 2016, 12:05   #190
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

Maruti Suzuki will meet the set sales targets, but will need to put more efforts post demonetization,
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Old 23rd December 2016, 15:47   #191
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

Maruti Suzuki says

- new car bookings fell 20 pct in Nov due to demonetisation.
- unable to provide an outlook for car sales for next three months due to lack of clarity on policy changes in coming months Further company coverage
-says demonetisation no longer a cause of worry, production schedule and wholesale sales on track.
-work at new car plant in Gujarat on track, will sell 10,000 cars from new plant in FY2017
-will invest an additional 20 billion rupees in upcoming research and development centre in northern India, taking total investment to 38 billion rupee.

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Old 27th December 2016, 17:24   #192
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

This is an interesting statistics ...

http://timesofindia.indiatimes.com/b...w/56200529.cms

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The income tax data collated shows only 48,417 persons reporting income of more than Rs 1 crore in a year. Yet luxury brands like BMW, Jaguar, Audi, Mercedes, Porsche and Maserati sell almost 35,000 cars every year.
Only link missing above seem to be car loans!! How many percent of people are taking car loans? The luxury vehicles definitely are bought mostly by the super rich who do not pay taxes.
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Old 27th December 2016, 21:52   #193
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Originally Posted by sukhoi30 View Post
This is an interesting statistics ...

http://timesofindia.indiatimes.com/b...w/56200529.cms



Only link missing above seem to be car loans!! How many percent of people are taking car loans? The luxury vehicles definitely are bought mostly by the super rich who do not pay taxes.

I disagree. People who buy luxury cars are not necessarily tax evaders. Rather they buy cars as they are heavily taxed. To claim expenses and depreciation benefits. Its a very careless and vague statement to make. And i know even very rich people buying cars on loans, as the interest itself is deductible from their income.
And, IIRC, upto 85-90% cars in India are now bought with financial aid.
However, people buying used luxury cars on cash (like politicos and real estate dealers) are definitely using them for using up cash.
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Old 27th December 2016, 22:40   #194
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

To add to that, a huge percentage of cars are owned by companies rather than individuals. So the comparison isnt fair. So this statistic seems to be as meaningful as every other news in TOI.
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Old 28th December 2016, 05:14   #195
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Default Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry

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Originally Posted by car_crazy1400 View Post
I disagree. People who buy luxury cars are not necessarily tax evaders. Rather they buy cars as they are heavily taxed. To claim expenses and depreciation benefits. Its a very careless and vague statement to make. And i know even very rich people buying cars on loans, as the interest itself is deductible from their income.
And, IIRC, upto 85-90% cars in India are now bought with financial aid.
However, people buying used luxury cars on cash (like politicos and real estate dealers) are definitely using them for using up cash.
I have retired. I pay taxes, though i am not 'heavily' taxed. i have no 'business' to claim depreciation and expenses. i work sparingly with the Government and Educational Institutions free of cost. When they will have me.i am not going to avail financial loan.
Yet, i am seriously considering buying a luxury car. And am being supported whole heartedly by the family including my father and mother who are 89 and 85 respectively. Incidentally they don't stay in the city i live in and before i forget, they come from a humble middle class background. So no privy purse or a windfall inheritance.
Am i crazy? Maybe. But funnily seem to know quite some crazy people like me. And some of them are in this forum too.
We worked to get where we are. Not by being dishonest though.
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