Tesla (NASDAQ: TSLA) is going to India. The Silicon Valley-based automaker plans to begin offering its Model 3 sedan to Indian customers early next year, according to India's transport minister, Nitin Gadkari. India's auto market has huge potential, but it's also one of the most price-sensitive in the world.
Retail car sales in India fell by 8.8% in October and motorbikes by 26.8% from a year ago, with purchasing slow to recover from the effects of the ongoing COVID-19 pandemic, data released by automobile dealers on Monday showed. The sales numbers, based on vehicles registered in the country, were higher than September as more people visited car showrooms, but the Federation of Automobile Dealers Association (FADA) warned that momentum is slow. New cars fared better than older models, entry-level motorcycles saw poor demand and discounts offered by automakers in October 2019 were higher - all of which affected sales this year, FADA President Vinkesh Gulati said in a statement.
Suzuki Motor Corp on Thursday forecast operating profit to fall by a quarter to 160 billion yen ($1.5 billion) in the year to March as sales, including in its key Indian market, shrink amid the coronavirus pandemic. Suzuki's Indian car sales in the first half of the year fell 36% to 432,000 vehicles, and dipped in other markets, including Japan, Indonesia and Europe as people stay away from dealerships. "We don't know what will happen with the coronavirus in India or what measures the government will implement, so that makes the market difficult to predict," Suzuki's president, Toshihiro Suzuki said in a conference call.