Hyundai Announces “EMI Assurance” Program!

The Corona virus pandemic is forcing automobile manufacturers to formulate new strategies that fit the current environment and align with buyers’ mindsets. That is why Hyundai has revived a recession-era program for today’s crisis! Hyundai has already seen success of a similar program in United States – The program covers up to six months of payments for buyers who purchased or leased a Hyundai between March 14 and May 17, 2020 if they lose their job due to COVID-19 this year.

Seeing the relative success of the program in the US market; Hyundai announced a similar scheme for Indian consumers. Hyundai is calling it the “EMI Assurance” Program and thus becoming the first OEM in India to offer such a scheme.

The scheme offers a Hyundai car owner cover against 3 EMIs on car loan during uncertain times – such as unemployment, poor financial health, mergers & acquisitions of the company, etc. This is also similar to the scheme offered by Kia to its customers in Europe, where the customers can delay the monthly payment of the vehicle loans in the case of losing of one’s job, and can resume repaying once hired. This scheme can be availed on Hyundai cars purchased between May 04 and May 31, 2020.

Hyundai, however, has not opened up the scheme for all its models. It is currently available only on select models and also, it is not applicable for the first 3 months of purchase. This is expected to offer some respite from EMI for the customers who would be financially impacted from the ongoing crisis and volatility. This, the company claims, will help boost demand and increase buying sentiment among the potential buyers, as it offers cover for the customers during their difficult times.

(Article is written by Karthick. He is an auto enthusiast, and an engineer by profession, currently employed in an auto MNC at Chennai; has a craving on new tech and a particular interest on the Indian automotive market.)

Maruti slowly re-opens around 600 dealerships across India

Maruti Suzuki has re-opened close to 600 dealerships across the nation which were closed due to the covid19 lockdown.

India’s biggest automaker Maruti Suzuki has re-opened close to 600 dealerships across the nation, amidst the global pandemic. The dealerships have selectively started the deliveries of the vehicles as well. The company has, in a statement, said that it has put in place a comprehensive Standard Operating Procedure (SOP) for its entire dealership network.

The company currently has 3080 dealerships, of which 474 Arena outlets, 80 Nexa outlets and 45 commercial vehicles sales outlets have been opened. It also said that it expects few more dealerships to open in a few days, as they have applied for approvals and awaiting confirmation from the respective state governments.  The company has also claimed that it has already begun deliveries to customers and around 55 cars have been dispatched in the last few days.

The company re-assured that all its dealerships are safe to visit, and that enough measures have been taken to minimize customer interactions, and all possible facets are encapsulated. The company has also said that it has put in a very robust digital platform, where the customers can now book and get delivered their vehicles, right from their homes without having a need to visit the showroom. This follows the likes of Hyundai, FCA and the other companies who have already started digital retail of their vehicles.

(Article is writeen by Karthick. He is an auto enthusiast, and an engineer by profession, currently employed in an auto MNC at Chennai; has a craving on new tech and a particular interest on the Indian automotive market.)

Fuel Prices Hiked To Rake In More Funds To Fight Covid-19

Fuel Prices Increased To Fund Covid-19 Pandemic
Fuel Prices Increased To Fund Covid-19 Pandemic

Prices of petrol and diesel are up from May 6, 2020, as central and state governments are looking for ways to replenish their cash reserves to continue battling the Covid 19 pandemic. The economy has come to a standstill, which is not only affecting the lives of daily wage workers and private sector employees but also businesses and governments.

Despite a phenomenal drop in crude oil prices with chances of more to come, the fuel prices were not reduced in the country. Now, there’s a price hike instead to possibly replenish the cash reserves, which may be used to continue to treat the sick and prevent the spread of the Coronavirus.

Also Read: Passenger Cars Taxation Structure in India

Revised Petrol And Diesel Fuel Prices

Delhi Petrol up Rs. 1.67 – now at Rs. 71.30

Delhi Diesel up Rs. 7.10 – now at Rs. 69.43

Haryana Petrol up Rs. 1.01 – now at Rs. 70.83

Haryana (Rewari) diesel up Rs. 1.11 – now at Rs. 62.80

Tamil Nadu (Chennai) Petrol up Rs. 3.26 – now at Rs. 75.52

Tamil Nadu (Chennai) Diesel up Rs. 2.51 – now at Rs. 68.20

Goa (Panaji) Petrol up Rs. 2.11 – now at Rs. 68.54

Goa (Panaji) Diesel – no change – now at Rs. 63.03

Rajasthan (Jaipur) Petrol up Rs. 1.11 – now at Rs. 76.68

Rajasthan (Jaipur) Diesel up Rs. 0.54 – now at Rs. 69.80

The price jump of Rs. 7.10 for diesel in Delhi is massive and it’s now almost as costly as petrol. It’s worth noting that in the capital and surrounding regions, petrol vehicles older than 15 years and diesel vehicles of more than 10 years of age are not allowed to run. This had already put a dent in the sales of diesel vehicles in the region. Even newer diesel vehicles were leaving RTOs with 10-year lifespan on their registration certificate. It’s not clear yet if this age-limit rule will apply to BS6 petrol and diesel vehicles as well. However, closing the price gap between petrol and diesel fuel is likely to adversely affect the sales of diesel vehicles. Cost of making diesel vehicles BS6 compliant also increased the price gap between petrol and diesel vehicles for the consumers.