India’s biggest auto maker is selling out of autos for the first time in over a decade.
Autozones, which make the cars that go on Indian roads, is selling just under Rs. 3,600 a bottle in the market.
In 2014, Autozon sold around 8,000 units a year.
Now, the company is only selling a few hundred cars a year, or around a third of its output.
“The current sales growth is more than half of the average for the last five years,” Anil Kothari, CEO of Autozons, said.
“We are witnessing a rapid turnaround in the industry, and we are now in a better position to deliver on our vision to deliver value for the consumer.”
The Indian auto industry, which relies on state subsidies and a lot of government subsidies, is ailing.
The government has tried to curb production, but the industry is in a state of crisis.
A number of the auto companies have announced exits.
In the last two years, the market for Indian autos has shrunk from more than 2.2 million vehicles to just over 1 million.
A recent report by the World Bank said the Indian auto market is in “an economic tailspin,” and that the auto industry is suffering from “systemic failure.”
“The situation in the Indian automotive sector has deteriorated beyond all hope of recovery,” the report stated.
The world’s largest auto maker, Ford Motor, is now the second largest manufacturer of vehicles in the country.
It currently employs about 10,000 workers, with an average wage of $30,000 per year.
But in 2014, Ford announced plans to cut its workforce to 10,500, from the current 30,000.
The company said it would also be restructuring its workforce.
Autos are also facing challenges in China, where auto sales fell by more than 6% last year, according to Bloomberg.
China, a country of nearly 10 billion people, is expected to account for roughly half of India’s annual car sales in 2021, according the government’s National Automotive Development Corporation.
Auto makers in the U.S. are also struggling.
Ford Motor is expected not to add any new vehicles to its lineup until 2019, and it has said it will start selling electric cars in 2019.