The automobile industry has been experiencing a downturn since a long time. Liquidity crisis in the NBFCs, rising price of fuels, higher ownership costs, investments in public transport in all the major cities, weak rural demand, change in the emission norms proposal for converting some present Internal Combustion Engine (ICE) technology to electric cars have been some crucial reasons for such a slowdown in the industry.
It has been estimated that during the prolonged lockdown, the auto industry suffered losses of more than Rs. 2,300 crore in turnover for every single day of closure.
However, the concept of social distancing for mitigating the spread of the Covid-19 expects to grow the sale of personal vehicles in the coming days.
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