Click it and Unblock the Notifications
Latest News
-
Iconic Porsche Race Cars To Take Center Stage At Southern California Event -
Hagerty Enhances Community Support With Grants And Volunteer Initiatives In 2024 -
Volvo Cars Reports 8% Increase In Q1 2024 Core Operating Profit To SEK 6.8 Billion -
2025 BMW I4 And 4 Series Gran Coupe Boast Fresh Designs And Cutting-Edge Tech -
Hyundai And Dutch Government Join Forces To Advance Smart Mobility Solutions -
WeatherTech Raceway Laguna Seca Embarks On New Partnership With Array Sports -
Nissan Formula E Team Sets Sights On Victory At Monaco's Legendary Circuit -
Toyota Women Leaders Shine At National Manufacturing Awards -
Bridge Of Weir And CALLUM Forge Strategic Partnership For Design Excellence -
Mercedes-Benz Electrifies With The New G-Class Launch In Los Angeles
BS-III Ban Effect — Vehicles Worth Rs 5,000 Crore Still Unsold Despite Hefty Discounts
From April 1, 2017, manufacturing and retailing of BS-III vehicles is banned in India. Hence BS-III vehicles worth Rs 5,000 crore are still unsold.
Supreme Court banned the sales of BS-III vehicles in the country from April 1, 2017. Hence, Rs 5,000 crore worth BS-III vehicles are still unsold despite heavy discounts offered by the manufacturers.
Society of Indian Automobile Manufacturers (SIAM) stated that an increasingly uncertain business environment would impact the investments in the automobile sector. The ban on BS-III vehicles affected over 8 lakh vehicles worth Rs 20,000 crore.
SIAM Director General, Vishnu Mathur said, "Currently, there are around 1.2 lakh units of BS-III vehicle inventory worth around Rs 5,000 crore. Most of them are lying with the dealers."
He stated that only two-wheeler manufacturers managed to liquidate the BS-III stocks by offering massive discounts. The results of this hefty discounts were a loss of revenue worth Rs 1,2000 crore.
SIAM stated that as per government notifications, the sale of BS-III vehicles were allowed after April 1, 2017. But the apex court ultimately banned the BS-III citing public health concerns.
Mathur further said, "The increasing uncertainty due to uncertain business environment will affect investments in auto industry." He stated that the abrupt policy changes would impact the long-term of the industry.
Mathur said that it's up to the companies to handle the unsold BS-III vehicles. Some manufacturers have also stated that exporting the BS-III vehicles would be the best option.
{promotion-urls}
