BMW India said it may miss the target of selling 10,000 vehicles in the domestic market as the luxury segment has also been affected by the slowdown witnessed in the automobile industry.
Mr Andreas Schaaf president of BMW India told reporters that “Yes, it is increasingly becoming tough and we could miss our target of selling 10,000 units this year.”
He said the month of October, which is usually one of the best months along with March in terms of sales, has not been as good as expected.
Mr Schaaf said that "Till October this year, we have sold a total of 8,042 cars in India, accounting for 40% of the luxury car market. Since then it is getting much more difficult and the market has changed adding that achieving the target for this year is becoming difficult now.”
Mr Schaaf said that "Overall, there is a negative sentiment in the market. Earlier in the year the luxury segment was unaffected by it, but it has also started feeling the effect.”
Asked if the company will cut production due to the slowdown, Mr Schaff replied in negative. He said that "We have our plans for 2012 in place and we will go ahead with it. The growth rate may have come down from 70% to 30% but we have to remember that there is still growth in the market.”
Earlier this year, the company had increased production capacity of its Chennai plant to 11,000 from 10,000 units previously.
Sourced from ET
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