Top Story

e4m_logo.png

Home >> Marketing >> Article

Cars in sight of million milestone

19-February-2004
Font Size   16
Share
Cars in sight of million milestone

The Indian car industry, which had been cooling its wheels in recession for the past three years, is on full throttle with sales approaching the million milestone.

Spurred by falling rates in auto finance, and duty cuts which have dented prices, the industry is expected to touch the magic figure by the end of this fiscal year on March 31.

India rolled out more than 8.2 lakh passenger vehicles between April 2003 and January 2004. And for the first time, the industry crossed the one-lakh mark in exports.

Which is why carmakers like B.V.R. Subbu, president of Hyundai Motor India Ltd, are buoyant about prospects. “The industry may well crack the million mark. With the overall economic upturn, passenger cars can hope for a 20 per cent growth. In January, 93,010 cars were sold, which translates into 3,000 vehicles a day. This is an all-time record,” says Subbu.

Maruti Udyog managing director Jagdish Khattar says, “The Indian small-car market is today the second largest, next only to Japan’s. But we have only scratched the surface, India has the potential to be the manufacturing hub for small cars.”

Khattar has reason to be optimistic. His company has topped the charts in India with the bread-and-butter Maruti 800 registering sales of 138,507 units.

However, a million may still not be enough. Says Khattar, “Our auto industry lacks volumes. We are limited by the size of the domestic market. Unless we attain (economies of) scale, it will be difficult for us to achieve global standards of cost and quality.”

Tags

Abhishek Punia, Co-founder and COO of ARM Worldwide, tells about how they re-branded themselves from ARM Digital to ARM Worldwide and in the process marked their presence globally

Srinivasan opens up on what prompted their recent rebrand, their foray into bus depots and developing the software that displays Bengaluru Metropolitan Transport Corporation's (BMTC) Passenger Information System for all the major bus depots in Bangalore.

Software and Technology, Consulting, Healthcare seem to be increasingly using Webinars to engage with their clients and employees

Chandy indulges in his love for reading and learning something new over the weekends

Though revenue from media operations grew by 10.6% yoy to Rs 760.8cr, the film production revenue declined by 18.0% yoy

At the inaugural one-on-one session between Aroon Purie, Chairman & Editor-in-chief of India Today Group and Anurag Batra, Chairman & Editor-in-chief BW Businessworld & Exchage4media Group, Purie spok...

At the 11th Indian Magazine Congress in New Delhi Rajdeep Sardesai, Consulting Editor, India Today, remembered the time when he used to work for Times of India