Mahindra, Tata Motors offer discounts on select models to lure in customers, beat auto sector slowdown
Auto sector majors like Mahindra and Mahindra and Tata Motors are the ones who are offering huge discounts.
In a bid to stem trickling sales, some automobile manufacturers are offering hefty discounts to lure in buyers
With prolonged slump in sales, automobile and component manufacturers have been seeking GST cut on automobiles to 18% from 28%
Vehicle sales across categories registered a decline of 23.55 percent to 18,21,490 units from 23,82,436 units in August 2018
In a bid to stem trickling sales, some automobile manufacturers are offering hefty discounts to lure in buyers. Auto sector majors like Mahindra and Mahindra and Tata Motors are the ones who are offering huge discounts.
Some Mahindra dealers across the country are offering discounts of up to Rs 76,500 on models across the product range.
Discounts are given in the form of cash discounts, exchange bonus, corporate discounts, free accessories and complimentary insurance, media reports said.
The range of models on which Mahindra and Mahindra is offering discount includes the KUV100 and the TUV300 Plus-- both at a cash discount of Rs 35,000.
Cutomers can pick up the Bolero Power Plus at Rs 11,500 cash discount, the Marazzo, Scorpio at a discount of Rs 20,000 the XUV500 at Rs 26,000 cash discount, and the Thar and the XUV300 at cash discounts worth Rs 9,000 and Rs 15,000 respectively.
Tata Motors is offering a discount of up to Rs 1.5 lakh on its range of models, according to News18.com. All these discounts are official discounts ounder the “Festival of cars” discount program. Tata Motor dealers in India may offer additional discounts to the customers to fill sales, the report said.
Tata's is offering a slew of deals on many of its vehicles from a discount of up to Rs 85,000 on SUV Nexon depending on the variant and the region. The entry-level hatchback Tata Tiago and Tata Tigor, the sedan based on it, is being offered at massive discounts of up to Rs 70,000 and Rs 1.15 lakh respectively. Tata Harrier, which was launched earlier this year, will be available with a discount of Rs 50,000.
India’s monthly passenger vehicle and car sales recorded their steepest fall-ever in August, according to data released by an industry body recently, highlighting the continued slowdown in the sector amid assurances by the government for revival.
Domestic passenger vehicle sales fell for the tenth straight month in August, declining 31.57 percent to 1,96,524 units from 2,87,198 units in the year-ago period. Previously, the worst decline in the segment was registered in July this year when wholesales had fallen 30.98 percent to 2,00,790 units.
Domestic car sales were down 41.09 percent to 1,15,957 units as against 1,96,847 units in August 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM) released on Monday, PTI said.
This is the worst-ever fall for both the categories since SIAM started recording the data in 1997-98.
Sales of commercial vehicles were down 38.71 percent to 51,897 units in August, SIAM said.
Vehicle sales across categories registered a decline of 23.55 percent to 18,21,490 units from 23,82,436 units in August 2018, it added.
In fact, all vehicle categories witnessed a decline in sales during the month.
With prolonged slump in sales, automobile and component manufacturers have been seeking GST cut on automobiles to 18 percent from 28 percent to help the sector come out of a prolonged slump that has resulted in job losses.
The next GST Council meeting will be held on 20 September in Goa.
The domestic auto industry, which is facing the worst-ever slowdown due to slump in demand, has triggered around 3.5 lakh job losses not only in the sector but its allied sectors as well.
-- With PTI inputs
GST Council Meet: Tax on COVID-19 vaccines unchanged; 'black fungus' drug added to import exempt list
Finance minister Nirmala Sitharaman, chairing the Council's first meet in nearly eight months on Friday, said the waiver of I-GST will continue on free COVID-19 related supplies imported from abroad till 31 August
GST Council meeting to decide on slashing tax rate for electric-vehicles postponed
The meeting of the GST Council on Thursday, which was to decide on cutting tax rates on electric vehicles, has been postponed as Finance Minister Nirmala Sitharaman was pre-occupied in Parliament, officials said
GST Council meet inconclusive: Here is a pragmatic solution to end the stalemate
Instead of treating the tax rates as being sacrosanct forever, the same should be rolled out over a three year time frame