As per FADA, the automobile industry has seen the worst, and the good time has already begun.
This year has turned out to be quite a challenging one for the carmakers in India. The pandemic has affected the Indian automobile industry at a large scale as it suffered from negligible sales due to the country-wide lockdown. The year 2020 is now almost at its end, and the Federation of Automobile Dealers Association (FADA) believes that the worst is now over, and the industry will soon recover from the damage it faced in the past few months. Moreover, they also believe that these tough times have also taught us a lot of lessons. In line with this, FADA has issued a statement on the closure of the current financial year.
The statement said that the year 2020 was quite extraordinary for the whole world. As the situation of the world is getting better, FADA feels that the worst part of this pandemic is now over and the people around the country should make a collective effort to revive the economy. The government is taking the necessary step to prevent the spread of the virus, and the pharma companies are putting their best efforts to roll out the vaccine. All these efforts made by different economic sectors will help in the normalization of the Indian automobile industry. Even before the introduction of the deadly virus, the demand for new cars was on a downward slope for the whole year of 2019-20.
Moreover, in April 2020, it’s for the first time in history that the automobile industry has witnessed zero sales, but after the Unlock 1.0, the dealerships are recovering and are going via a healthy recovery, which is aided by a good monsoon, festive season and marriage season. One big reason behind the healthy recovery of the automobile industry is the continuous launches of new cars and bikes in the market. We expect the car and bike companies to recover soon from the financial loses, which they have faced in 2020, and by this, they can help to revive the economy of the country.