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* India - Ashok Leyland: Cutting salaries and reducing working hours
* Maharashtra / India - Billionaires to sell Leyland assets to cut debt
Mumbai,MAH,India -Bloomberg News, by Siddharth Philip and Ganesh Nagarajan -19 July 2913: -- Ashok Leyland Ltd., India’s third-most indebted automaker, plans to raise 5 billion rupees ($84 million) selling assets to pare liabilities after reporting its first loss in 12 years... India’s third-largest truckmaker will also cut wages to lower costs... The measures may help Ashok Leyland, which reported a record loss in the three months ended June, cut debt by about 23 percent... Ashok Leyland is paring its proposed expansion by 20 percent to 4 billion rupees in the year that started April 1. It is also cutting salaries by 5 percent for executives starting with Managing Director Dasari and reducing working hours... At home, Ashok Leyland’s market share narrowed to 13.3 percent in March, from 16 percent in 2008, as growth in Asia’s third-largest economy slowed... Tata Motors Ltd., India’s biggest truckmaker, controls 56 percent of the market, while second-ranked Mahindra and Mahindra Ltd. has 18 percent... Ashok Leyland will add new models including intermediate goods carriers in the 7.5-ton to 16-ton space. There is demand for these vehicles as more hub-and-spoke freight movement occurs...
* Pakistan - Truck, bus sales drop
Karachi,Pakistan -Dawn.com -19 July 2013: -- Sales of buses, trucks and other heavy vehicles generally declined in the last fiscal year 2012-13, barring farm tractors and jeeps (4x4), according to the statistics of Pakistan Automotive Manufacturers Association (PAMA)... Truck sales, dubbed as barometer of local and foreign trade, declined to 1,948 units in FY13 as compared to 2,394 units in FY12 while bus sales dropped to 510 from 609 units... An official in a leading bus/truck assembling unit said that many factors combined to cause drop in sales of trucks, including imports of used trucks, competition among the assemblers, rising diesel prices and devaluation of the rupee against major currencies. Besides increase in price, the pre-election scenario also made investors cautious to invest in heavy vehicles, he said... He said new and used Chinese vehicles have also arrived, while many transporters preferred purchasing used locally produced trucks instead of new trucks. Developed logistic sectors are also shying away from buying Japanese trucks and many have shifted their focus to Chinese and other brands, he added...
Labels: truckmakers news Asia
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