Munich - Amid a continuing economic downturn, Germany luxury carmakers Daimler AG and BMW on Friday reported a major slump in sales for October.
Daimler said sales plunged 18.1 per cent to 93,900 vehicles compared to October 2007.
Sales of its core model Mercedes-Benz were down more than 20 per cent to 80,250 vehicles, while those of the subcompact Smart were up 11.3 per cent to 11,300.
The company said the biggest declines were in Western Europe and the United States.
Fearing a slowdown, Automobile Component Manufacturers Association (ACMA) has urged the government on formulating a 2-3 year "bridge policy" to enable the industry survive the current economic crises. ACMA stressed the government to provide some immediate relief to the auto-component industry to sustain their growth over the next few months to ensure that the momentum built over the last 5 years is continued to meet the vision of the AMP 2016.
Washington - Chief executives of the ailing "Big Three" US automakers - General Motors, Ford and Chrysler - met Thursday with two top Congressional leaders to discuss a further bail-out package and the future of the loss-making industry.
The meeting came ahead of the scheduled releases by General Motors and Ford of their third-quarter results, which are expected to report huge losses and more cost-cutting measures.
Ford India Pvt. Ltd announced an investment of $500 million in India and introduction of a small car by year 2010. Ford, in India sells Ikon, Fusion and Fiesta cars, and the Endeavor sports-utility vehicle.
Michael Boneham, president of Ford India Pvt. Ltd. Said, "The Credit crunch and the lack of confidence has affected in the short-term." Mr. Boneham further added that the plans for new models of Ikon are on track despite the difficulties.
Tata Motors, one of the largest automobile manufacturer in India, has announced closing of the Jamshedpur plant owing to a demand slump. A company spokesperson said, "About 95 per cent of commercial vehicles are purchased through financing. While we do not declare production rates, unavailability of finance, coupled with high interest rates, is forcing customers to postpone purchases."
Munich - Amid a continuing economic downturn, Germany luxury carmakers Daimler AG and BMW on Friday reported a major slump in sales for October.
Washington - Chief executives of the ailing "Big Three" US automakers - General Motors, Ford and Chrysler - met Thursday with two top Congressional leaders to discuss a further bail-out package and the future of the loss-making industry.
Ford India Pvt. Ltd announced an investment of $500 million in India and introduction of a small car by year 2010. Ford, in India sells Ikon, Fusion and Fiesta cars, and the Endeavor sports-utility vehicle. 
Tata Motors, one of the largest automobile manufacturer in India, has announced closing of the Jamshedpur plant owing to a demand slump. A company spokesperson said, "About 95 per cent of commercial vehicles are purchased through financing. While we do not declare production rates, unavailability of finance, coupled with high interest rates, is forcing customers to postpone purchases." 
