SIAM bullish about revival of automobile industry1 min read . Updated: 20 Jan 2020, 03:17 PM IST According to SIAM, the low penetration of automobiles in India is something that many foreign players will look at to enter the Indian market.
Society of Indian Automobile Manufacturers (SIAM), the apex body representing all major vehicle and vehicular engine manufacturers in the country, is bullish on the revival of the automobile industry in 2020, a senior official said on Monday.
Since the penetration of automobiles in the country is low, many foreign players will look at this opportunity to enter India, he said here.
"This is the worst downturn of the automobile industry in the last 20 years," SIAM deputy director Sugato Sen told reporters here.
"We hope that the year 2020 will be the year of revival of the Indian automobile industry. Sales are expected to go up as penetration of automobiles in India is very low," Sen said.
He said many foreign players will look at this scope to enter the Indian market.
On the upcoming Auto Expo to be held in Greater Noida from February 7 to 12, he said new players like Chinese automobile manufacturers Great Wall and Haima will showcase their products for the first time in the exhibition.
Another Chinese player which will be also present for the first time is MG Motors which will bring in their entire range of automobiles in the Expo.
There will be around 70 launches in the Expo by SIAM members in the Expo.
"There will be also global launches by foreign players," SIAM deputy director said.
Sen said all stalls will display electric vehicles (EV).
The dip in commercial vehicles is due to the new axle loading norms announced by the government which has hit sales, he said.
This story has been published from a wire agency feed without modifications to the text.