India’s passenger vehicles sales sink for ninth month in July

In this photograph taken on July 23, 2019 workers assemble a car at a FCA India Automobiles manufacturing facility in Ranjangaon, some 200km east of Mumbai. (AFP)
Updated 13 August 2019

India’s passenger vehicles sales sink for ninth month in July

  • India’s S&P BSE auto sector index has fallen 23 percent this year, with the country’s top automaker Maruti Suzuki’s market valuation falling 18.3 percent

NEW DELHI: India’s domestic passenger vehicle sales fell for the ninth straight month in July, an auto industry body said on Tuesday, amid a deepening crisis in the country’s automobile sector that has triggered large-scale job losses.
Sales of passenger vehicles to car dealers fell 30.9 percent to 200,790 in July, data released by the Society of Indian Automobile Manufacturers (SIAM) showed. Commercial vehicles sales fell 25.7 percent to 56,866 units, SIAM said.
Motorcycle and scooters sales fell 16.8 percent to about 1.51 million units, while passenger car sales fell 36 percent to 122,956 units, the data showed. Domestic passenger vehicle production was down nearly 17 percent in the month.

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23% - India’s S&P BSE auto sector index has fallen 23 percent this year.

“The data shows an urgent need for a revival package from the government. The industry is doing everything possible to increase sales, but it needs government support,” Vishnu Mathur, director general of SIAM, said.
India’s S&P BSE auto sector index has fallen 23 percent this year, with the country’s top automaker Maruti Suzuki’s market valuation falling 18.3 percent.
The fall in car sales comes at a time when demand for consumer goods is falling amid signs of an economic slowdown in India.


US President Trump does not want to do business with China’s Huawei

Updated 19 August 2019

US President Trump does not want to do business with China’s Huawei

  • US Commerce Department expected to extend a reprieve that permits Huawei to buy supplies from US companies to service its customers

WASHINGTON: US President Donald Trump on Sunday said he did not want the United States to do business with China’s Huawei even as the administration weighs whether to extend a grace period for the company.
Reuters and other media outlets reported on Friday that the US Commerce Department is expected to extend a reprieve given to Huawei Technologies Co. Ltd. that permits the Chinese firm to buy supplies from US companies so that it can service existing customers.
The “temporary general license” will be extended for Huawei for 90 days, Reuters reported, citing two sources familiar with the situation.
On Sunday, Trump told reporters before boarding Air Force One in New Jersey that he did not want to do business with Huawei for national security reasons.
He said there were small parts of Huawei’s business that could be exempted from a broader ban, but that it would be “very complicated.” He did not say whether his administration would extend the “temporary general license.”
Speaking earlier on Sunday, National Economic Council director Larry Kudlow said the Commerce department would extend the Huawei licensing process for three months as a gesture of “good faith” amid broader trade negotiations with China.
“We’re giving a break to our own companies for three months,” Kudlow said on NBC’s “Meet the Press.”