To tackle slowdown, Indian auto companies are resorting to extreme measures
The automobile industry must look at its own shortcomings before asking for stimulus from the government, said Rajiv Bajaj, managing director of Bajaj Auto.
Bajaj said that the Indian auto products are mediocre compared to world-class products; and that the sector needs to ask itself if it’s done enough to become globally competitive.
A lot of these companies are not able to export because frankly, by world-class standards, their products are mediocre.
Talking about the two-wheeler segment, he said the retails sales in the space declined 5-7 percent. This drop, according to him, cannot be called a crisis.
The Federation of Automobile Dealers Associations (FADA) on Monday released the July 2019 vehicle registration data, which showed that on a year-on-year (YoY) basis, the overall sales declined 6 percent.
Two-wheeler sales dipped by 5 percent, PV by 11 percent and commercial vehicles (CV) by 14 percent, showed the data.