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’.
Maruti Suzuki has not renewed the contracts of 3,000 temporary employees across its manufacturing plants, chairman RC Bhargava said on Tuesday, as the company has been cutting production since February this year to control inventory pile-up amid a slowdown in demand.
Bhargava said over the past year, multiple factors led to an increase in final cost of cars, affecting their affordability.
With the government having rolled out measures to facilitate an additional `5 lakh crore of bank loans and pushing back the timeline for the one-time registration fee, RC Bhargava believes the auto industry can now look forward to a different environment. Till last Thursday, the chairman of Maruti Suzuki had been reluctant to call an upturn in the festive season but now he believes the environment could change.
Maruti Suzuki will recall 40,618 units of its small car WagonR to rectify a possible issue of fuel hose fouling with metal clamp, reflecting yet another instance of growing recalls over the last few years. The recall campaign is for the vehicles fitted with 1-litre engine and manufactured between November 15, 2018 and August 12, 2019.
To arrest the fall in demand for diesel cars, Maruti Suzuki has announced it will offer free warranty for five years or 1 lakh km to customers across the country on models such as Dzire, Swift, Vitara Brezza and S-Cross. The development comes after sales of Maruti’s diesel engine fell after the announcement made by the company to stop manufacturing these vehicles from April 1, 2020, when the BS-VI emission norms will come into effect.
PUNE: Maruti Suzuki, India's biggest car maker, on Friday officially started accepting bookings with a down payment of Rs 11,000 for its upcoming new model — Maruti Suzuki XL6, the multi-purpose vehicle or MPV with six seats.
The company will announce its price on August 21, the launch day at New Delhi. According to experts it could be tagged around Rs 9.50 lakh — 10.50 lakh in a fiercely competitive car market in the country.
Unenthusiastic market sentiments have lead to the country's leading automobile manufacturer, Maruti Suzuki, observe a substantial decline in its sales for the month of July 2019. The Indo-Japanese automaker sold a total of 1,09,264 units during last month. In comparison, during the same month last year, the sales for the carmaker stood at 1,64,369 units.
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