Slowdown in auto industry impacts component sector too; 15% job loss after turnover growth dips
5 years, 5 months ago

Slowdown in auto industry impacts component sector too; 15% job loss after turnover growth dips

Firstpost  

The industry body, which represents the auto components industry that alone employs around 50 lakh people, also sought clarity on policy for electrification of vehicles. Since September last year, the auto ancillary sector has registered up to 15 percent loss in jobs due to fall in revenues because of a decline in auto sales for the past ten months, said a report in Mint. The auto component manufacturing sector reported up to 15 percent job loss close on the heels industry body ACMA expressed fears of losing about 10 lakh jobs in the sector, said a media report. The report citing ACMA data said the auto component manufacturing companies’ turnover fell 14.5 percent to Rs 3,95,902 crore in FY19 following the slowdown in auto sales.

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History of this topic

Auto component industry to invest $7 billion over next 5 years: ACMA
1 year ago

Auto component industry to invest $7 billion over next 5 years: ACMA

Deccan Chronicle  

Pune: With robust demand in place in the automobile sector, the Indian auto component industry is planning to invest around $ 6.5 to 7 billion over the next five years on capacity expansion and technology upgradation, Shradha Suri Marwah, President of Automotive Component Manufacturers Association of India or ACMA said on Wednesday. The auto component industry, which recorded a 12.6 …

Indian auto component industry clocks turnover of Rs 3.49 lakh crore, de-grows 11.7 per cent in FY 2019-20
4 years, 4 months ago

Indian auto component industry clocks turnover of Rs 3.49 lakh crore, de-grows 11.7 per cent in FY 2019-20

India Today  

Automotive Component Manufacturers Association of India, the apex body representing India’s Auto Component manufacturing industry announced the findings of its Industry Performance Review for the fiscal year 2019-20. The turnover of the automotive component industry stood at Rs 3.49 lakh crore for the period April 2019 to March 2020, registering de-growth of 11.7 per cent over the previous year. The …

Auto sector slowdown: Component maker Bosch likely to slash a few thousand jobs in India in next four years
5 years ago

Auto sector slowdown: Component maker Bosch likely to slash a few thousand jobs in India in next four years

Firstpost  

Bosch may retrench about 10% of its 3,700-strong workforce in the administrative and management segments while it could be more than 10% of the 6,300 workers in the manufacturing level. After giving a hint of manpower adjustments in the wake of a major decline in its first quarter profit last year due to slowdown in the auto industry, German auto …

Auto part units shed 1 lakh casual jobs
5 years, 1 month ago

Auto part units shed 1 lakh casual jobs

The Hindu  

About one lakh temporary workers in the auto components sector lost their jobs between October 2018 and July 2019 due to the slump in the auto industry, the Auto Components Manufacturers Association said. Auto component sales in the first half of the year declined by 10% to ₹1.79 lakh crore, while exports and the aftermarket segment grew, the industry body …

Auto component industry turnover dips 10 pc in Apr-Sep; 1 lakh temp workers lose jobs
5 years, 1 month ago

Auto component industry turnover dips 10 pc in Apr-Sep; 1 lakh temp workers lose jobs

India TV News  

The auto component industry's turnover witnessed worst ever decline in the first half of the current fiscal leading to a job loss of around 1 lakh temporary workers till July this year, industry body ACMA said on Friday. The turnover of the industry dropped to Rs 1.79 lakh crore in the April-September period, down 10.1 per cent from Rs 1.99 …

Auto sector crisis deepens: Maruti Suzuki cuts production for 8th straight month in September by over 17%
5 years, 3 months ago

Auto sector crisis deepens: Maruti Suzuki cuts production for 8th straight month in September by over 17%

Firstpost  

Maruti Suzuki India produced a total of 1,32,199 units in September as against 1,60,219 units in the year-ago month After the country’s largest carmaker Maruti Suzuki India reduced its production production by 33.99 percent in August, making it the seventh straight month it reduced its output, it has again reduced its production in September by 17.48 percent, making it the …

Slump in auto aftermarket, exports to bring more stress for component makers, says report
5 years, 3 months ago

Slump in auto aftermarket, exports to bring more stress for component makers, says report

Live Mint  

Mumbai: Credit rating agency Icra has revised its outlook for the auto components industry to negative following more than three quarters of continuous decline in the wholesale dispatches across all vehicle categories. “Tight liquidity across the aftermarket dealer channel has led to de-stocking, curtailing fresh demand for the component manufacturers,” Icra said in a statement. The ratings agency also points …

Auto sector slowdown may wipe out a million jobs: SIAM
5 years, 4 months ago

Auto sector slowdown may wipe out a million jobs: SIAM

Live Mint  

A million contractual manufacturing jobs are at risk due to the consumption slowdown, Society of Indian Automobile Manufacturers President Rajan Wadhera said, here on Thursday. Speaking at the SIAM annual convention, Wadhera said, "Till now, 15,000 contractual manufacturing jobs have been lost and another million are at the risk, if the slowdown is not reversed." "The automotive industry accounts for …

Auto stocks tumble up to 9% as sales in India see sharpest fall in 19 years in July
5 years, 4 months ago

Auto stocks tumble up to 9% as sales in India see sharpest fall in 19 years in July

Firstpost  

Auto stocks tumbled up to 9 percent on Tuesday after industry body SIAM reported that automobile sales in India witnessed sharpest decline in nearly 19 years in July, dropping 18.71 percent, rendering almost 15,000 workers jobless over the past two-three months New Delhi: Auto stocks tumbled up to 9 percent on Tuesday after industry body SIAM reported that automobile sales …

Auto sector crisis: 2.30 lakh jobs lost as industry faces worst crisis in 20 years
5 years, 4 months ago

Auto sector crisis: 2.30 lakh jobs lost as industry faces worst crisis in 20 years

India Today  

The Indian auto sector is in dire straits and is facing a crisis not seen in the past two decades, jobs and manufacturing data released by an apex body representing the industry has shown. Around 2.30 lakh auto sector jobs have been lost while the sale of passenger cars in July 2019 fell 35 per cent compared to the same …

Auto Sector Slowdown: Low demand affects employment prospects in Gurugram-Manesar auto cluster
5 years, 4 months ago

Auto Sector Slowdown: Low demand affects employment prospects in Gurugram-Manesar auto cluster

India TV News  

A massive slowdown led by truncating demand has forced the entire value-chain operators across the automobile industry to reduce production levels and downsize workforce to tide over lean times. Figures from the Society of Indian Automobile Manufacturers showed that domestic passenger car sales in June went down by 24.07 per cent to 139,628 units. In all, the total sales of …

Auto industry’s pain percolates to other businesses
5 years, 4 months ago

Auto industry’s pain percolates to other businesses

Live Mint  

New Delhi: The consumption slowdown that dented auto industry' sales and production has now percolated to the local economy, causing hardships to thousands of small businesses that supply parts along with services like logistics to the key manufacturing sector. The industrial belt houses an estimated 1,000 medium and small ancillary units comprising various vendors of raw materials and auto parts. …

3,50,000 lay-offs since April: Worst downturn ever for Indian auto industry
5 years, 5 months ago

3,50,000 lay-offs since April: Worst downturn ever for Indian auto industry

India TV News  

India's auto sector has, of late, been facing massive job cuts due to slumping sales of cars and motorcycles. The cull has been so extensive that one senior industry source told Reuters that initial estimates suggest that automakers, parts manufacturers and dealers have laid off about 3,50,000 workers since April. Within this previously unreported figure, car and motorcycle makers have …

Job cuts: Slump in auto sector sales forces firms to shut down factories; around 3.50 lakh workers laid off
5 years, 5 months ago

Job cuts: Slump in auto sector sales forces firms to shut down factories; around 3.50 lakh workers laid off

Firstpost  

The auto sector, which contributes more than 7 percent of India’s GDP, is facing one of its worst downturns Slumping sales of cars and motorcycles are triggering massive job cuts in India’s auto sector, with many companies forced to shut down factories for days and axe shifts, multiple sources said. To revive the sector, auto executives plan to demand tax …

Auto industry may further cut production amid consumption slowdown
5 years, 5 months ago

Auto industry may further cut production amid consumption slowdown

New Indian Express  

NEW DELHI: After denting the auto sector's profitability, the consumption slowdown along with the upcoming shift to BS-VI standards will further decelerate production, leading to eventual job losses. Figures from the Society of Indian Automobile Manufacturers showed that domestic passenger car sales in June went down by 24.07 per cent to 139,628 units. In all, the total sales of the …

Auto industry may further cut production
5 years, 5 months ago

Auto industry may further cut production

Live Mint  

New Delhi: After denting the auto sector's profitability, the consumption slowdown along with the upcoming shift to BS VI standards will further decelerate production, leading to eventual job losses. "With prolonged weak consumer demand, the inventories at dealer levels have peaked, necessitating production cuts by OEMs," Richa Bulani, Senior Analyst, India Ratings & Research, told IANS. In all, the total …

10 lakh people working in auto sector on risk of losing job, BJP's silence dangerous: Priyanka Gandhi
5 years, 5 months ago

10 lakh people working in auto sector on risk of losing job, BJP's silence dangerous: Priyanka Gandhi

India TV News  

Priyanka Gandhi Vadra, who is Congress Party General Secretary on Friday cited a media report to claim that jobs of 10 lakh people in the automobile sector were in danger and asserted that the BJP government's silence on job losses was "most dangerous". Priyanka Gandhi tagged the media report on Twitter which said auto parts industry is fearing that 1 …

Slowdown in auto sales: 10-15% people lost jobs in auto component industry
5 years, 5 months ago

Slowdown in auto sales: 10-15% people lost jobs in auto component industry

Live Mint  

Due to the prolonged slowdown in auto sales since September 2018, automobile component manufacturing sector has already witnessed 10-15% loss in employment, as growth in revenue for companies in the sector slow down significantly. The growth in total turnover of the automobile component manufacturing companies in India slowed down to just 14.5% to 3,95,902 crore in FY19 as a consequence …

Auto firms face bleak outlook, with no end to the gloom in sight
5 years, 6 months ago

Auto firms face bleak outlook, with no end to the gloom in sight

Live Mint  

Sales of automobiles have been falling for sometime now, prompting manufacturers to cut production to align supply with retail demand and existing inventory with dealers. According to a report by the Federation of Automobile Dealers’ Associations, retail auto sales in May that fell 7.5% from a year ago show that the overall consumer sentiment is poor. The chart shows that …

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