Hyundai says multiple uncertainties restrain car market

Posted on: Feb-2017 | Automobile

The plan of buying a car totally depends on the individual budget, need analysis, various choices, and future based financial plans. These factors are probably thought by an individual no matter in which country or region he belongs. But pre-analysis period before buying a car creates many uncertainties in one’s mind.

Hyundai which is the second largest car maker manufacturer in India came up with a conclusion that the Indian car market has loads of multiple uncertainties which is limiting the auto giants to analyze the future demands due to which the automakers are unable to plan their forecast plans. The officials of Hyundai, India also stated that only an astrologist can make some tentative predictions of which way the demand will be headed.

Various decisions such as demonetization and prohibition on diesel engines have made the situation very unpredictable for the car makers. The drastic changes in the policies are highly affecting the launch dates of the product which indirectly impacts upcoming technologies and investments plans.

The demand for the diesel vehicle was highly affected order past by the court to disallow the large-engine vehicle. This regulation by the court also affected the sale of the diesel vehicles, resulting in fall in the stake.

Rakesh Srivastava, senior VP, Sales and Marketing Hyundai India, also said that “In India if you are a lead of an auto company, you can’t be just a decision maker or a business analyst, you also play the roles of a firefighter, an astrologer, and best role is of fortune teller”.

He also stated that Hyundai sold around 5 Lakh units in India last year, which gave a growth of 5%. Further, the graph started declining as its sale was massively hampered in November-December due to demonetization.

The Indian market on one side gives a great prospect of growth but the uncertainties in the economy break the prediction too hard.