A slowdown in demand led Tata Motors and Mahindra & Mahindra (M&M) report a significant double-digit dip in sales numbers for August compared for the same period last year. While Toyota Kirloskar Motor also reported 6 per cent decline in the total sales for the month.
Tata Motors ,the maker of Nano and Indica,saw its sales dip 31 per cent to 49,611 vehicles,including exports during August 2013.
The companys domestic sales of commercial and passenger vehicles for August 2013 were 44,717 units,a decline of 37 per cent.
Mahindra reported 17.3 per cent decline in its total sales at 37,897 units in August 2013 as compared to the same period last year.
All its segments including passenger vehicles and commercial vehicles saw a decline in sales.
The auto industry which is currently going through one of its most challenging phases,is in desperate need of some short-term fiscal stimulus, said Pravin Shah,CEO (automotive division),M&M. The weakening rupee,resulting in increased inflation,is impacting cost of operations. Immediate action by the government is needed so as not to lose out on the upcoming festive season, he said.
Toyota Kirloskar Motor (TKM) reported 6 per cent decline in the total sales at 15,201 units in August 2013. The firm had sold 16,225 units in August 2012,TKM said in a statement.
The company sold 12,007 units in the domestic market in August 2013 as compared to 13,995 units in August 2012.
TKMs deputy MD and COO (marketing and commercial) Sandeep Singh,said,With the rupee depreciation and rising inflation we have increased the prices of Camry Petrol and Fortuner. The prices have been increased by 1 per cent.
After a year,Mahindra,Nashik union reach wage settlement
Mumbai: After negotiating for almost a year,Mahindra and Nashik plant union have reached an agreement on the wage settlement and a higher output,sources said.
The two sides are likely to sign the revised wage pact on September 9.
The wage revision issue with the management is resolved now. We will be signing the agreement on September 9, sources in Mahindra Nashik Plant Workers Union told PTI.
M&M official confirmed the development but did not divulge details of the agreement.