Business

Auto sector loss per day estimated at ₹2,300 cr.

Many auto/component makers closed

With manufacturing plants temporarily shut to prevent the spread of COVID-19, the automobile sector has estimated a loss of over ₹2,300 crore per day.

“As per quick estimates by the Society of Indian Automobile Manufacturers (SIAM), it is expected that plant closures of auto OEMs and components makers will lead to loss of more than ₹2,300 crore in turnover for each day of closure,” Rajan Wadhera, president of the industry body said on Tuesday.

With almost all districts in the country under a lockdown as part of efforts to combat COVID-19, automobile and auto component makers have, in the past two days, announced temporary shutdown of their manufacturing plants.

The manufacturers include market leaders Maruti Suzuki and Hero MotoCorp, Chennai-based TVS Motor, Kia Motors, General Motors, India Yamaha Motor, Renault India, Rockman Industries, Hyundai Motor, Honda Cars, Fiat Chrysler Automobiles and Honda Motorcycle & Scooter India.

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Printable version | Apr 2, 2020 6:44:41 AM | https://www.thehindu.com/business/auto-sector-loss-per-day-estimated-at-2300-cr/article31156716.ece

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