HomeAutomobileSkoda Extends Rs 50 Crore Towards Financial Support for Dealers Amidst COVID-19...

Skoda Extends Rs 50 Crore Towards Financial Support for Dealers Amidst COVID-19 Lockdown

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Skoda Logo. Image used for representative purpose. (Photo: Siddharth Safaya/News18.com)

Skoda Logo. Image used for consultant goal. (Photo: Siddharth Safaya/Information18.com)

The initiative might be aimed toward paying salaries and meet different mounted prices on the firm’s 80 vendor shops within the nation.

  • Information18.com
  • Last Updated: April 9, 2020, 12:12 PM IST
  • Edited by: Anirudh SK

Amidst the 21-day lockdown imposed nationwide as a result of outbreak of COVID-19, the ailing in Indian auto trade sunk deeper into bother because of manufacturing halts and a short lived shutdown of dealerships. Needless to say, the uncertainty within the nation’s financial system has additionally compelled a majority of consumers to put aside large chip bills like shopping for a car till the scenario is again on monitor.

In gentle of the identical to help its sellers through the disaster, Skoda has introduced that it’ll present monetary help to its sellers in India to cowl the mounted price for the April-June quarter. The initiative might be aimed toward paying salaries and meet different mounted prices on the firm’s 80 vendor shops within the nation. The firm plans on directing Rs 50-60 crore this quarter.

Recent analysis by India Ratings and Research (Ind-Ra) has instructed that the nationwide lockdown has deepened woes of vehicle sellers because the coronavirus pandemic crippling most financial and business actions will negatively affect demand for vehicles.

The score company mentioned some unique tools producers (OEMs) have introduced help to auto sellers both by taking the possession of unsold inventory or by requesting their stock financing companions for an extension of the moratorium to their sellers as a result of lockdown.

OEMs might additionally compensate their sellers for the unsold inventory to a sure extent, which was additionally seen through the items and companies tax implementation, it mentioned in an announcement.

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