The outbreak of coronavirus does not become a rapid life threat, so the central government is doing a complete lockdown across the country, which will reverse the entire economy.
Like global car manufacturers, almost all major auto companies and components manufacturers in India have dropped their shutters, dealerships have also closed, assembly plants have been shut down and
The results on the business will be severe and the Society of Indian Automobile Manufacturers (SIAM) has already estimated a minimum loss of Rs 2300 crore every day.
SIAM President, Rajan Vadhera said, “As per the quick estimates by SIAM, it is expected that auto OEMs and components will lose more than Rs 2,300 crore in turnover for
each day of plant closure.” All major car companies Maruti Suzuki, Hyundai, Tata Motors, Mahindra, Honda Car India, Kia Motors, Toyota, Ford and Jeep have closed their plants till further
Not only this, Honda Motorcycle & Scooter, Suzuki Two-Wheelers, Bajaj Auto and Java Motorcycle have also closed their plants.
The coronavirus epidemic has brought the world to a turning point when the auto industry was already reeling from a prolonged recession that peeled off more than a million jobs
Not only this, in the next week, the entire auto sector will be compliant with BS6 standards and dealerships are now closed across the country, which has definitely slowed
Let me tell you, the industry has invested around Rs 90,000 crore to comply with BS6 standards.
It will now be seen how the auto industry will start functioning when the lockdown is lifted from India.