Maruti Suzuki to stop selling diesel cars from this date - Here is reason behind the big step
Making a big announcement, Maruti Suzuki India Limited (MSIL) has said that from April 1, 2020, the auto major will stop selling the diesel cars. According to MSIL, there is no mass market for diesel cars. However, MSIL may contemplate about 1500 cc diesel cars. The announcement by Maruti Suzuki to phase out diesel cars by April 1, 2020, is seen as a big development for the Indian automotive industry by experts.
Earlier in the day, the auto major reported a decline of 4.6 per cent in its net profit for the fourth quarter of 2018-19. According to the company, net profit in the quarter under review stood at Rs 1,795.6 crore as compared to the corresponding period of the previous fiscal. "This quarter was marked by adverse foreign exchange rates and commodity prices, higher depreciation and higher sales promotion expenses partially offset by cost reduction efforts," the company said in a statement.
On Dalal Street, Maruti Suzuki India Ltd ended 1.6 per cent lower after the company forecast a weak rate of growth for the current fiscal year amid an industry-wide weakening of demand. Maruti Suzuki India forecast a weak rate of growth for the current fiscal year amid an industry-wide weakening of demand.
India's biggest automaker, majority owned by Japan's Suzuki Motor Corp, said it expected production and sales to grow between 4 per cent and 8 per cent for the financial year started in April. Last year, the company targeted a 10 per cent rate of growth for sales.
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