Vehicle plant closures to lead to a loss of over ₹2,300 cr per day: SIAM
New Delhi, Mar 24 (PTI)Auto industry body SIAM on Tuesday said the closure of manufacturing plants by various automakers and component manufacturers due to coronavirus pandemic would lead to a revenue loss of over ₹2,300 crore per day.
"As per quick estimates by SIAM, it is expected that plant closure of auto OEMs and components will lead to loss of more than ₹2,300 crore in turnover for each day of closure," Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said in a statement.
All major automakers like Maruti Suzuki India, Hyundai, Honda, Mahindra, Toyota Kirloskar Motor, Tata Motors, Kia Motors and MG Motor India have announced temporary shutdown of plants.
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Besides, tyre makers and other major auto component makers too have shut down manufacturing activities due to the coronavirus outbreak. PTI MSS RVK