A spokeswoman for Denso said the information

 Toyota, in a notice dated Aug. The sales declines have triggered major job cuts in India’s auto sector, with many companies forced to shut down factories for days and axe shifts. 16 and 17 "due to low market demand of vehicles" and high stock of about 7,000 vehicles.Bellsonica, which is part-owned by India’s biggest carmaker Maruti Suzuki and makes fuel tanks and brake pads, has also let more than 350 workers go in Manesar, two sources said.Denso Corp’s India unit, which makes powertrain and air-conditioning systems for cars, has cut some temporary workers at its Manesar plant in north India, China Type Electric In Wheel Hub Motors Manufacturers four sources familiar with the matter told Reuters.Bellsonica could not immediately be reached.Sources have told Reuters that even more companies have now begun to lay off temporary workers as the slowdown worsens.The Toyota logo is seen on the bonnet of a newly launched Camry Hybrid electric vehicle at a hotel in New Delhi, India, January 18, 2019.

A spokeswoman for Denso said the information was incorrect and declined to elaborate further. In a separate email, another company official disputed that the firm employed temporary workers at its Manesar plant. 7, industry executives asked for tax cuts, and easier access to finance for dealers and buyers, in an effort to revive sales. 13, told its workers the company would halt production at its plants in Bengaluru in southern India on Aug.Passenger vehicle sales in July fell at the fastest pace in nearly two decades.Hyundai, in a memo on August 9, also said it would halt production for several days in August across various departments including its engine and transmission shop.

Raja, deputy managing director, at Toyota’s India unit, told Reuters that while the company had a flexible production system it had to resort to five no-production days in August to prevent the build up of stock. REUTERS/Anushree FadnavisN."The industry is deeply concerned with the reality of poor customer sentiment faced by the sector," said Raja, adding he hoped the government would step in to support the industry.New Delhi: With India’s auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily halting production to keep costs in check, according to sources and documents seen by Reuters.

A Hyundai Motor India spokesman said the company expected sales to pick up in the festive season starting next month and added that the company had not laid off any workers.Japanese carmaker Toyota Motor and South Korea’s Hyundai Motor are the latest in a string of companies to briefly halt some parts of production at plants to combat slumping sales, according to company memos to employees, reviewed by Reuters.Reuters earlier this month reported automakers, component manufacturers and dealers had already cut 350,000 jobs..In a meeting with India’s finance ministry on Aug

Executives from across the sector also asked

 "Currently we are going through one of the biggest slowdowns that we have seen in recent times," Pawan Goenka, managing director at automaker Mahindra said earlier on Wednesday after the company reported a quarterly profit.The meeting, chaired by India’s Finance Minister Nirmala Sitharaman, was attended by senior executives from automakers including Maruti Suzuki, Hyundai Motor, Toyota Motor, Skoda, Mahindra & Mahindra, Tata Motors and Hero MotoCorp and auto parts makers Minda Industries and India Pistons.

India’s auto industry demanded tax cuts and easier access to finance for dealers and buyers at a meeting with Indian government officials on Wednesday to discuss the sector’s woes, sources said, in an effort to revive sales that have slumped.40 per cent.Arvind Sawant, minister for heavy industries, who attended the meeting, told reporters that the government had heard the industry’s concerns but needed more meetings before making any decisions.While several factors have contributed to the slump, a deepening liquidity crunch among India’s shadow banks that lend to the companies, dealers and car buyers has been the biggest single factor hurting sales.For the auto industry, though, the China Electric Bicycle motors manufacturers concern is that the banks and shadow lenders will not cut their lending rates by as much as the RBI because the lenders are overburdened by bad debts or finding it difficult to borrow.

Executives from across the sector also asked the government to provide incentives to scrap old vehicles, which they said would help boost sales, and urged officials to reconsider a proposal to hike registration fees for automobiles as it would hurt demand, the two sources said.On Wednesday, the Reserve Bank of India (RBI) lowered its benchmark interest rate for a fourth straight time, slicing 35 basis points off the repo rate to bring it down to 5."HUGE DANGER"The auto sector, which contributes more than 7 per cent of India’s GDP, is facing one of its worst downturns.Representatives from the auto, auto components and dealers trade bodies as well as officials from the ministries of finance, heavy industries and road transport were also present.

Passenger vehicle sales have dropped for nine straight months through July, with some automakers suffering year-on-year declines of more than 30 per cent in recent months. They said that while the industry would like to switch to clean fuel technology the aggressive push was delaying purchases by buyers who fear gasoline vehicles could be banned, the sources said. We have listened to them," he said, adding that officials would come up with a solution soon.Motorbike maker Yamaha Motor and auto components makers including France’s Valeo and Subros have laid off about 1,700 temporary workers in India, Reuters reported on Tuesday.Goenka, who said this is the worst Indian autos market since 2001, warned of a "huge danger" of job losses and sought government intervention.

The auto executives urged the government to cut taxes on cars and auto components to 18 per cent from 28 per cent and sought help to prod banks to lower lending rates and make the loan terms more lenient, one of the sources said."We have not given any immediate solution.The executives also asked the government to go slow on its electric vehicles plan