Two-wheeler insurance premium hike to further dent recovery process: TVS Motor Company CEO
The Hindu
The ongoing shortage of semi-conductor chip, high raw material cost, and increasing fuel prices, have impacted demand
The recent hike in third party insurance for two-wheeler from June 1, will further dent the efforts of the industry to recover itself from this challenging market situation, said a top official of TVS Motor Company.
The company director and CEO, K.N. Radhakrishnan in a statement said the automobile industry was impacted by a series of headwinds, leading to a steady increase in two-wheeler prices.
In addition to the pandemic woes, the ongoing shortage of semi-conductor chip, high raw material cost, and increasing fuel prices, have impacted demand.
While asserting that the recent hike of ₹2,200 per vehicle in third party insurance cost would further dent the efforts of the industry to recover itself from the challenging market situation, he said a strong domestic industry is the basis of global competitiveness and every effort must be made to have a vibrant local market.
February 2025 saw a 2% increase in passenger vehicle sales in India, with upcoming festivals expected to boost demand.
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