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Tuesday, October 4, 2022

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India Auto Sales Rise As Chip Shortage Eases In July: SIAM Data

However, SIAM highlighted the weakness in entry-level markets for passenger cars, two- and three-wheelers, reflecting the impact of inflation on the financially vulnerable section of society.

The third straight hike in the repo to rein in high inflation will make auto loans costlier, making it more difficult for entry-level vehicles to recover, Rajesh Menon, director general of SIAM, said in a statement.

SIAM, however, sees a hope for the CNG segment. The lobby of vehicle manufacturers said the government’s decision to increase natural gas allocation to CNG may significantly bring down the input cost of city gas distributors.

“We hope, that in-line with the Government’s intent, the gas companies would pass on the entire benefit to the end consumers by reducing retail CNG prices,” Menon said.

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