Maruti Suzuki India ltd, the country’s largest vehicle manufacturer, on Monday launched its new entry-level hatchback S-Presso, at a price range of ₹3.69 lakh to ₹4.91 lakh. With muted sales over the last one year, the company will bank on the new product to revive its fortunes during the festival period and beyond.
After passing on benefits to buyers on select car models following the government's corporate tax reduction by reducing Rs 5,000 on ex-showroom price, Maruti Suzuki has now slashed the ex-showroom price of Baleno RS by Rs 100,000.
Following this massive reduction in Baleno RS cost, its ex-showroom price now stands at Rs 7.88 lakh.
NEW DELHI : The steps taken to reverse the economic slowdown, along with the upcoming festive season offers, might have the potential to accelerate the automobile sector's sales growth, industry insiders opined.
The trend of reduced prices on the back of recent corporate tax sops is expected to catch-up after car market leader Maruti Suzuki cut prices on Wednesday.
New Delhi: India’s biggest automaker, Maruti Suzuki India Ltd, expects sales of its cars in September to be higher than the previous month, its Chairman R C Bhargava told Reuters on Monday.
August domestic sales at Maruti Suzuki fell 34.3 per cent, one of the biggest monthly drops in sales in recent times. Indian auto sales fell for the 10th straight month in August, marking one of the worst slowdowns in the industry’s history.
Suzuki Motor Corp has asked Maruti Suzuki India to cut down discretionary expenses and plug in resource wastage at its plants in Gurgaon and Manesar to keep costs in control. The advisory from Suzuki, which is the 56% owner of Maruti, comes at a time when vehicle sales have plummeted to a two-decade low and Maruti has had to let go of some 3,000 of its contractual workers as it has pruned its production.
Maruti Suzuki will examine the possibility of having a captive finance company, which will help in reducing dependence of its customers and dealers on banks and NBFCs, which have been cautious in lending following a year-long slump in vehicle demand.
Shashank Srivastava, executive director, sales and marketing at Maruti Suzuki, said globally manufacturers have captive finance companies which are successful. “We will examine the option and look at India-specific requirements,” Srivastava told FE.
Maruti Suzuki India Ltd, hit by a severe slowdown in demand for automobiles, has decided to keep its two plants in Haryana shut on 7th and 9th September. The company, in a notice to the stock exchanges today, said the two days will be counted as ‘no production days’.
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