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According to reports Britain’s business secretary Peter Mandelson will meet representatives of the UK auto industry on Wednesday to discuss a bailout package for auto industry of UK.
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HDFC bank is going to lower interest rates up to 150 basis points on vehicle loans from last week of January.The news of cutting in the interest rate came in the aftermath of the announcements of interest rate cuts by many big banks of this sector.
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Hyundai one of the largest car manufacturers from South Korea has reinstated 100 of its trainees whom the company discontinued in December 08. According to the company the decision has taken in the view of increasing demand of the small cars.
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Ford Motors one of the largest car manufacturers of US has hiked the prices of Ford cars in Indian market. The new prices has applied from 1st of January 2009.The decision has taken in the aftermath of the rise in the cost of imported goods due to declining rupee.
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Indian government has recently relaxed the norms and now one can import car to India of luxury segment cars from the countries from where the cars are not originated or assembled. According to the previous norms for import car to India of luxury segment from the countries other then their manufacturing countries or assembling countries was not allowed.
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There is a popular view that in Indian auto market only the small car manufacturers have the potential to capture large share. They have this view because of the vast Indian middle class. But according to pawan goenka president of automotive sector of Mahindra & Mahindra this belief is nothing but a myth.
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Cadillac the brand of luxury vehicles owned by GM (General Motors) is now all set to roll out in Indian auto-market. Cadillac will be competing with other cars of luxury segment like Mercedes Benz, Audi and BMW etc
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Union government is coming with a relief package for crippling auto industry which is going down by slowing auto sales and rising costs of input materials.
According to reports the ministry of heavy industries and public enterprises in its long term project named ‘mission document (2006-2016)’ is planning to setup number of groups for this mission.
After successfully dominating the Auto market the big name of Indian auto market Mahindra & Mahindra is now all set to enter in retail sector with the launch of Mom and Me stores
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PSA Peugeot Citroën (previously Peugeot Société Anonyme),a French automobile and motorcycle manufacturer,is also planning to launch its new low-cost car in Indian car market by 2011.The cars will be manufactured in Turkey as well as Poland.The 5-seater car is expected to have more space for luggage and stowage then any other car in this segment.In india,small and low-cost car market is growing day-by-day.Small car sales in India amount to nearly two-third of the total car sales in the country.Every car manufacturer like like General Motors, Renault-Nissan, Ford, Toyota, Mitsubishi, Hyundai et al are with launching new low cost cars as well as mid-size sedans.
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