Maruti Suzuki India Limited (MARUTI.BO)
- Reuters
Indian carmaker Maruti Suzuki's revenue slows to near 3-year low, shares slide
The growth in revenue was Maruti Suzuki's slowest since it last reported a fall 11 quarters ago. Lukewarm demand for new cars has forced manufacturers to moderate dispatches to dealers and dish out higher discounts to attract buyers as showroom owners grapple with rising levels of unsold cars. The higher discounts also led to a drop in margins on operating earnings before interest and taxes to 10.3% for the second quarter from 11.1% a year ago, the company, which is majority-owned by Japan's Suzuki Motor, said.
- Reuters
Toyota, Maruti launch marketing drive for hybrids in key Indian state
From Instagram ads to telesales, Japanese automakers Toyota and Maruti Suzuki are going all out to market their hybrid cars in the most populous Indian state of Uttar Pradesh, aiming to cash in on tax waivers that upset many of their rivals. The waivers have split India's auto industry, with Tata Motors, Mahindra and Mahindra and Hyundai arguing their sales of pure electric cars will suffer. At the Sunny Toyota showroom in Uttar Pradesh's capital of Lucknow, salespeople have been tasked to call customers who visited in the last six months to tell them about the benefits of hybrid tax waivers that will help them save $15,800 on the luxury Toyota Vellfire model and $5,200 on its Camry sedan.
