The second largest commercial vehicles maker Ashok Leyland, owned by the Hinduja Group, today expressed hope that demand for light commercial vehicles (LCVs) segment will grow by 20 per cent following the tax cuts in the new GST regime.
Addressing the media here, Ashok Leyland's president for LCVs Nitin Seth said, "in the automobile sector, LCVs will benefit the most from GST and we see their demand increasing by about 20 per cent this year. We are trying to take full advantage of this opportunity."
He said there are very positive signs in the domestic market for LCVs after the GST implementation.
Seth expressed the hope that the problems arising from the GST implementation would will be resolved over the next six months.
He said CV makers together had sold 4.35 lakh LCVs in 2016-17. Of these, Ashok Leyland had sold 36,000 vehicles.
During the current fiscal, total market for LCVs may go up to 5 lakh units.
Earlier, Seth formally announced the launch of Ashok Leyland's new LCV 'Dost+' in the markets of MP. He expressed hope that this vehicle will strengthen the company's position in the state.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)