this post was submitted on 13 Sep 2023
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This is the best summary I could come up with:
MUMBAI, Sept 12 (Reuters) - India's road transport minister on Tuesday warned local and foreign automakers to either cut production of polluting diesel vehicles or face higher taxes and levies, setting alarm bells ringing in the world's third-largest car market.
Here are some facts about India's automotive market, the biggest after China and the United States, where players such as Maruti Suzuki (MRTI.NS), Tata Motors (TAMO.NS) and foreign giants such as Mercedes (MBGn.DE) and Volkswagen (VOWG_p.DE) operate.
In India, about four million passenger vehicles were sold in the fiscal year that ended in March, according to data from the Society of Indian Automobile Manufacturers.
In the luxury segment, though, which includes cars and SUVs made by Mercedes, BMW (BMWG.DE) and Audi, petrol variants have accounted for 62% of sales so far this year, down from 68% in 2021, according to JATO Dynamics.
Tuesday's warning from minister Nitin Gadkari targeted diesel carmakers, whose market share has seen a steady decline to nearly 18% of passenger vehicles in January-July this year from 47.9% in 2014.
Vehicles that run on compressed natural gas, or CNG, mostly preferred by cab operators in India, have seen their market share rising to 11.4% in January-July from 9% in 2014.
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