After Ford announced not to make EVs, withdrew from PLI, and revive its plans to shift out, Tesla has decided not to sell EVs in India, jeopardising its future plans to manufacture in India.
The auto dealers' lobby warns that high interest rates for vehicle loans will be an additional blow for the two-wheeler segment.
Indian automakers are struggling to bridge the gap between supply and demand as inflated raw materials jolts them with the semiconductor shortage.
95 companies have been chosen for the scheme – 75 for the components part, while the ministry had already approved 20 manufacturers for the vehicles part.
Barring Maruti and Hyundai Motor India, most of other auto companies reported growth on a year-on-year basis in February 2022.
The BSE bankex, realty, and auto index gained up to 1.2% after the RBI kept the policy repo rate unchanged and retained an accommodative stance.
SBI topped the BSE Sensex losers’ chart by falling 2%, followed by Mahindra & Mahindra, NTPC, Kotak Mahindra Bank and Wipro, among others.
Auto companies have been smarting under the influence of the pandemic, their woes exacerbated by the semiconductor shortage, rising fuel prices.
Industry observers expect the government to strengthen its existing measures. Any tax relief for OEMs in manufacturing looks unlikely.
There aren’t enough localised plants to meet the ever-growing demand of metal powders in India and their components so we import it from other counties.
