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Auto companies slamming brakes on production reflective of ‘Pangs of a Plunging Economy’: Cong
National

Auto companies slamming brakes on production reflective of ‘Pangs of a Plunging Economy’: Cong

Agency News

New Delhi, Jun 11 : Congress on Tuesday termed reports of dive in Auto Sales , companies cutting on manufacturing days in order to sell unsold inventory as ''Pangs of a Plunging Economy''.
''As Auto Sales dive,companies cut on manufacturing days in order to sell unsold inventory! ▪Half million passenger vehicles worth Rs 35,000 Cr lying unsold in dealerships ▪ 3 million two-wheelers worth Rs 17,000 Cr unsold.
Pangs of a Plunging Economy?'' AICC media incharge Randeep Surjewala tweeted.
He was reacting to a newspaper report which said, ''India’s top manufacturers of passenger vehicles and two-wheelers have announced factory shutdowns stretching over several days in the ongoing quarter, which could help them reduce unsold inventory in a weak market but make it tough for the automobile industry to achieve its production and growth targets.''
''More than half a million passenger vehicles worth 5 billion dollars (nearly Rs 35,000 crore) are lying unsold in dealerships at the beginning of June. In the two-wheeler segment, the number is as high as 3 million, valued at about 2.5 billion dollars,'' the report said. (UNI)