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Auto Plant Closures in India to Cost USD 300 Million - SIAM

Steel News - Published on Wed, 25 Mar 2020

Image Source: Auto India Coronavirus COVID-19 Lockdown
PTI reported that as per quick estimates by SIAM, it is expected that plant closure of auto OEMs and components in India will lead to loss of more than INR 2,300 crore(USD 306 mllion) in turnover for each day of closure. Society of Indian Automobile Manufacturers President Mr Rajan Wadhera said “As per quick estimates by SIAM, it is expected that plant closure of auto OEMs and components will lead to loss of more than INR 2,300 crore in turnover for each day of closure.”

It translates to total loss of more than USD 6 billion during 21 days lockdown

All major automakers like Maruti Suzuki India, Hyundai, Honda, Mahindra, Toyota Kirloskar Motor, Tata Motors, Kia Motors and MG Motor India have announced temporary shutdown of plants. Two-wheeler makers like Hero MotoCorp, Honda Motorcycle and Scooter India, TVS Motor Company, Bajaj Auto, Yamaha and Suzuki Motorcycle have also suspended production. Besides, tyre makers and other major auto component makers too have shut down manufacturing activities due to the coronavirus outbreak.

Source :

Posted By : Yogender Pancholi on Wed, 25 Mar 2020
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