Ind-Ra revised auto volumes growth forecast to 12%-16% YoY from the initial forecast of 16%-20% YoY. The downward revision is due to a revision in the growth forecasts for 2Ws and PVs.

Some of the prominent automobile companies of India published the data related to their Aug sales for the current and last year.

This year auto dealers expect the semiconductor shortage to result in sales dropping by about 30%. SIAM has asked the MEA to reach out to chipmakers to prioritise Indian automakers when plants reopen.

Ind-Ra expects volume growth to continue in August 2021, driven by improving consumer sentiments and the onset of festive season. It feels the semiconductor shortage could pose supply-side challenges.

The machine tools manufacturing sector was one of the worst-hit sectors during the COVID-19 pandemic. IMTMA expects the industry to grow around 8-10% due to infrastructure spending and investments.

According to a source, Ford Motor Company is in talks with Citroen India for contract manufacturing as it is looking for a new partner in India.

The second covid wave has stalled the auto industry’s momentum recorded in 3Q-4QFY21, according to a recent report published by India Ratings and Research (Ind-Ra).

MSIL domestic sales in FY 19-20 had fallen by 18 per cent due to reasons that are well known and in FY 20-21 have been impacted due to COVID related factors

The company has sold in all 41, 300 units with 38, 200 units sold in the domestic market and 3, 100 units in the export markets in July 2020.