Over Rs 6,400 crores worth BSIV vehicles could remain unsold
The nationwide lockdown in place to control the spread of the COVID-19 diesease raises questions on the dilution of Rs 6,500 crore worth of BSIV stock still unsold at dealer lots around the country. Over Rs 7 lakh two-wheelers, 12,000 passenger and 7,000 commercial vehicles are set to become unsaleable come April 1.
Dealer walk-in had started taking off in early March, but the partial and now complete lockdown in the country has reduced footfalls to nil. To tide over this situation, various parties like SIAM, FADA, Hero Honda, and others have approached the Supreme Court asking for a deadline. But, in light of the social distancing measures in effect, the Supreme Court has decided to only hear urgent matters.
Image for representation only
The Federation of Automotive Dealers Association (FADA), is also in talks with SIAM to find a way for carmakers to buy-back BSIV stock. Another possible move by dealers, as a last resort, could be the ghost registrstion of BSIV inventory. Dealers could register vehicles in their own names, and then sell these 'second-hand' BSIV cars after the deadline
This delay in the clearance of BSIV stock means that dealers haven't been able to sell as many BSVI vehicles as they could have, reports peg this loss to Rs 12,000 crore.
Source: ET Auto
Related Stories
Top Stories
Latest Videos
Most Popular
- Budget Sportbike Showdown: Kawasaki Ninja 500 vs Aprilia RS 457 vs Yamaha YZF-R3
- 2014 Triumph Daytona 675 vs 2024 Kawasaki ZX6R - A Decade of Evolution in Supersport Motorcycles
- Mumbai-Pune Expressway speed restrictions updated
- Nissan Magnite EZ-Shift review - is the AMT any good?
- Nitin Gadkari states that tax on Hybrids should be reduced to 12 percent in the coming future