There will be a stir in the auto sector in the festive season of 2023, know from experts what is the reason?
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New Delhi : in India festive season Has started. Auto sector companies have high expectations from the festive season of 2023. The results of the first quarter in this sector have been better. Therefore, companies hope that there will be a boom in the auto sector during this year’s festive season. The biggest reason for this is that the festive season of 2023 is going to be much longer than last year. Domestic automobile manufacturer Maruti-Suzuki has estimated that vehicle sales during this year’s festive season may be better than last year. Especially, sales of passenger vehicles can cross the 10 lakh mark. From these indications, it is being estimated that auto sector companies may benefit in this year’s festive season. Come, let us know what the experts say…
Demand for vehicles expected to increase in auto sector
According to a report by Yes Securities, the business performance of auto sector companies has been better in the first quarter. It has been said in the report that in this financial year the demand for vehicles in the auto sector may be better than last year. Along with this, there are signs of better demand from all the segments. The sector may benefit from increased demand from rural areas, launch of new vehicles and increased expenditure by the government.
Festive season will be positive for auto companies
At the same time, during a recent interview with CNBC, Sanjay Thakkar, Executive Chairman of Landmark Cars, automotive industry Highlighted the positive outlook for India, with special emphasis on the long festive season and uptick in after-sales business. He said that generally the festive season in India has proved helpful in increasing the sales of vehicles in the auto sector. He said that this year the festive season is going to be a little longer than last year, due to which auto companies are looking at it in a positive manner. This year we have a long festive season, which is a very good sign. He believes that during this period it is very important to promote the sales of new cars and maintain a strong position in the premium car segment.
Car sales increase during festive season
Other than this, Maruti-Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava had said in the month of August itself that sales usually increase during festivals, which is about 22-26 percent of the sales throughout the year. He said the industry has seen strong sales this year and the same is expected to continue in the coming months.
Tata Motors will have a great start in the festive season
Leading automobile manufacturing company in the automobile sector in India Tata Motors The company is planning to launch a new SUV in the festive season line-up of 2023. There is speculation that the automaker will introduce six new and updated products during the second half of the current financial year. The company has started preparations for this. Recently, after the first quarter results were announced, Tata Motors Group CFO (Chief Financial Officer) PB Balaji said that the launching process has started and we will move ahead with a new series of launches.
Tata Motors will invest one billion dollars
To maintain the pace of development in passenger vehicles and remain highly competitive commercial vehicle To regain the lost market share, Tata Motors will invest approximately Rs 8,000 crore in FY 2024. This is the highest annual investment so far. A top official of the company said that the new product launches mentioned above will help in accelerating the car business. Balaji said the investment of Rs 8,000 crore will be in products and technologies, a large part of which was showcased at the Auto Expo, and the company will focus on executing plans to maintain the growth momentum. The company will invest an additional Rs 30,000 crore in JLR business.
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