They’re asking for tax cuts and different steps to get the market transferring again. Before the stoop hit, India was predicted to overtake Germany and Japan to turn into the world’s third largest automobile market by 2020 — behind only China and the United States. Big world gamers like Hyundai and its subsidiary Kia have invested billions to broaden their footprint within the nation, and new players like Chinese state-run carmaker SAIC have also tried to seize a slice of business. Sales of passenger vehicles plunged 31% in July, according to figures launched by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday. It’s the ninth straight month of declines and the sharpest one-month drop in additional than 18 years, SIAM Director General Vishnu Mathur told CNN Business.
The problem, Zemke said, is that Prime Minister Hun Sen has gone on report stating that the used automotive market is necessary for Cambodia’s nascent middle class, which advantages from entry to cheaper vehicles. Zemke was sympathetic to the argument, but countered that shutting down the used automobile market would not rid the country of its low-cost vehicles; it might merely stop the circulate of used vehicles from different markets, letting the Cambodian market mature naturally over time. The answer, which Zemke and all members of the automotive business have put their voices behind, could be a whole ban on used car imports in Cambodia.
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