India Autos Q1 2021
We believe that India's vehicle sales will face another tough year in FY2020/21 (April-March) as the country's economicoutlook deteriorates, conflict risk with China escalates and the Covid-19 containment measures put vehicle sales on the back footand we believe that they will remain weak throughout the rest of the year. Furthermore, the economic and social impact of Covid-19will continue to weigh down the demand for vehicles from both consumers and businesses as they opt to secure their financialhealth overspending on large assets such as vehicles. Lastly, we also highlight that India's new emission norm, the Bharat Stage-VI(BS-VI), came into effect on April 1 2020. This will see the cost of new vehicles increase due to the higher production and R&D costto make the new vehicles compliant.
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