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Archives

App cabs may be behind auto slump: SBI Boss

10/09/2019 | Author: Autoguide | 0 Comments Back To Home   < Previous News   |   Next news >

SBI chief

SBI Chairman Mr Rajnish Kumar on August 21 said the slump in auto sales was not entirely due to stress in the economy, but could be also because of the new generation’s reluctance to own cars.
 
He said today’s youths, who are more comfortable with short-term jobs unlike their parents who relied on permanent employment, no longer feel it necessary to invest money for a car as taxi aggregators such as Ola and Uber had made commuting easy. 
 
“Apparently, this is now a global trend that people are shifting from vehicle ownership to a rental model due to the convenience taxi aggregators are providing. The new generation, whose job profile is not permanent, does not want to own a car. Early signs of it are already there, but the trend should be analysed to figure out how much it is impacting the automobile industry,” added Mr Kumar.
 
Mr Kumar also did not rule out that the auto sector was in a transitional phase because of the focus on electric vehicles and BS-VI norms which might be holding back some people from making new purchases. “All of these need to be studied in depth to confirm the trends,” he added.
 

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