⁍ Some automakers have been pushing the government to temporarily reduce tax rates on cars to boost sales.
⁍ The coronavirus pandemic brought economic activity to a standstill with most companies still limping back to normal.
⁍ Marin reported a 1% rise in quarterly profit as car buyers returned to showrooms after the lifting of coronavirus-related lockdowns.
– India’s biggest carmaker says it doesn’t need the government’s help any time soon to boost sales, even as it warns of uncertainty in demand after December, Reuters reports. Maruti Suzuki India says there is no need for the government to temporarily reduce tax rates on cars because there is no shortage of demand. “At this point when there is no lack of demand for what can be produced (so) giving relief would be quite unnecessary,” the company’s chairman says. Sales of cars in India rose 18.6% to 370,619 units in the quarter ending Sept. 30 from the same period a year earlier, but Maruti warns there is no real slowdown in demand and it will be hard to predict sales until January.
Source: https://www.reuters.com/article/maruti-suzuki-india-results/indias-top-carmaker-maruti-suzuki-says-no-urgent-need-to-cut-car-taxes-idUSKBN27E16L