Implication
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The prolonged recession in the automotive market is threatening to have a long-term implication on the automotive industry’s ambitious target of achieving a turnover of $145 billion by 2016 under the Automotive Mission Plan.
Revising its sales target for FY-13 downwards to 1-3% from 9-11% earlier, the automotive industry body Society of Automobile Manufacturers Association (SIAM) on Wednesday said, that the target of $145 billion may be missed by 20-25% at the current growth rate levels. “if this current trend continues, then we will miss the AMP target of accomplishing an annual turnover of USD 145 billion from auto and auto-component manufacturers by 2016,” said SIAM president S Sandilya.