Corona hit the Auto sector, which is already struggling with the market.
The automobile sector, already facing low sales, has a strong exposure to Corona. Sales of domestic passenger vehicles fell by a record of 51% in March. In March 2019, 2.91 lacks were sold, while in March 2020, this number was reduced to 1.43 lacks. Due to this, automakers are losing Rs 2300 crore daily production, this was mentioned in a recent automobile update.
Key essentials
According to recent updates on the automobile sector by the Society of Indian Automobile Manufacturers.
⏩ The auto industry produced a total of 14.47 lack vehicles in March 2020, including passenger vehicles, commercial vehicles, three-wheeler, and two-wheeler. In the same period last year, 21.80 lacks vehicles were made. That means a 33.61% decline. There has been a loss of 46000 crores in the lockdown so far.
⏩Commercial vehicle slipped 88.05% in March 2020. Last year, in March 2019, 1.09 lacks units were demolished whereas in this March 13027 vehicles were built.
⏩This was followed by the
second-biggest decline in the Three Wheeler. In March 2020, three-wheeler sales fell by 58.34%. Similarly, sales of two-wheeler declined by 39.83% in March 2020.
🚕TATA Motors in the News-: Tata Motor's will also sell its product online. After Hyundai, now Tata Motors also offered an online platform "Click to Drive" to sell their cars. On this platform, customers will get complete digital sales experience associated with the purchase of the company's passenger vehicles.
The company has said in a statement that more than 750 outlets will be connected to this platform in view of the company. On ordering from this platform, customers will be given home delivery. By registering customers on the "click to drive" platform customers can book vehicles of their choice.
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