© Reuters. Indian automakers say China coronavirus outbreak hitting parts supply

NEW DELHI (Reuters) – Indian automakers Mahindra and Mahindra Ltd (NS:) (M&M) and Tata Motors (NS:) said on Sunday their supply of parts from China had been hit, as fallout from the coronavirus outbreak mounts.

“Going into March, we anticipate the challenge on parts-supply to continue for another few weeks, before we get back to normalcy,” Veejay Ram Nakra, Chief of Sales and Marketing at M&M’s automotive division said in a press release.

Tata Motors said in a press release that it, too, had been hit by supply disruptions due to the coronavirus outbreak in China, and was working to mitigate the situation.

Along with Maruti Suzuki (NS:) – India’s biggest carmaker – both companies on Sunday reported a decline in sales in February, compared with a year ago.

M&M said its domestic sales had fallen by 42%, while Tata Motors reported a drop of 34%. Maruti Suzuki said its total domestic sales were down by 1.6% in February from a year ago.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

2020-03-01