INDIA: Tata reportedly offers heavy truck discounts to clear stocks
Prolonged economic recession, increasing input costs and high interest have affected truck maker Tata Motors, according to OnCars, which said Tata reportedly is offering a discount of up to INR500,000 (US$9,056.89) on some of its heavy trucks to clear stock and avoid inventory backlog.
Sources reportedly said the company's Jamshedpur plant had operated at 35-40% capacity since December 2012 and there had been a huge decline in Indian demand for heavy duty trucks in the 12 to 25 tonne range.
Abdul Majeed, auto practice leader at PricewaterhouseCoopers was quoted as saying: "Nobody expected the commercial vehicle industry to slow down so much although there was anticipation of some sort of reduction in demand, and that is why companies have little option but to provide heavy discounts."
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