Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Auto News / Ola, Uber factor not major reason for auto slowdown: Maruti official
BackBack

Ola, Uber factor not major reason for auto slowdown: Maruti official

The auto industry saw monthly passenger vehicle sales record the steepest fall in August
  • Passenger vehicle sales plunged 31.6% to 196,524 units in August from a year earlier, while car sales fell 41% to 115,957 units
  • The auto industry saw monthly passenger vehicle sales record the steepest fall in August. (REUTERS)Premium
    The auto industry saw monthly passenger vehicle sales record the steepest fall in August. (REUTERS)

    India’s largest carmaker Maruti Suzuki on Thursday countered finance minister Nirmala Sitharaman’s claims that the rise of taxi aggregators such as Ola and Uber could be one of the reasons for the crisis in the automobile sector.

    The ownership pattern in India has still not changed and people purchase cars because it is aspirational, PTI reported, citing Maruti Suzuki India’s executive director, marketing and sales, Shashank Srivastava. “The Ola and Uber factor may not be strong to contribute to the current state of slowdown," he said

    The auto sector witnessed some of its best times even after ride hailing services became popular, Srivastava said.

    “Ola and Uber came into existence 6-7 years ago. In this period, the auto industry also saw some of its best times. So, what happened only in the last few months that the downturn became so severe? I do not think it is only because of Ola and Uber," Srivastava added.

    The auto industry saw monthly passenger vehicle sales record the steepest fall in August.

    Passenger vehicle sales plunged 31.6% to 196,524 units in August from a year earlier, while car sales fell 41% to 115,957 units. This was the worst-ever drop for both categories since the Society of Indian Automobile Manufacturers started recording data in 1997-98.

    August was the 10th straight month that witnessed a fall in car sales. Truck and bus sales dropped 39%, while two-wheeler sales fell 22% to 1.5 million units.

    PTI contributed to this story.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Auto News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 13 Sep 2019, 12:29 AM IST
    Next Story footLogo
    Recommended For You
    Petrochemical Stocks
    ₹9,171.4-0.29%
    ₹4,570.63.21%
    ₹1,878.92.26%
    ₹12,520.30.74%
    ₹978.81.45%
    Switch to the Mint app for fast and personalized news - Get App