Even as the year was drawing to a close, the sales figures remained disappointing with close to 10 per cent decline in the number of cars sold during the first eleven months of 2014 and festival seasons failing to bring any cheer.
It required a lot of efforts -- both on the part of the companies and the government in form of duty sops -- to kickstart the recovery from challenging conditions that the industry had to face this year.
The year, which kicked off with the marquee industry event Auto Expo, also saw many new models hitting the market and helping sales counter ticking in a tough environment, which was worsened by the first-ever anti-trust order for the company when fair trade watchdog CCI imposed a fine of Rs 2,545 crore on 14 car makers.
Despite challenging conditions, various automakers including Maruti Suzuki, Mahindra & Mahindra, Bajaj Auto, Hero MotoCorp and Volkswagen announced investments in the country totalling Rs 20,500 crore over a period of time, which along with some other smaller investments are estimated to have taken the total tally to close to USD 5 billion.
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"By the end of the fiscal, we would see the growth coming back to the industry. We are looking forward to fundamental changes in the economy to support better sentiment which has evolved lately," he added.
For the country's car market leader Maruti, this was a year when it was forced to seek minority shareholders approval by investors over its plans to let parent Suzuki to own and invest at its proposed Gujarat plant.
Major car makers passed on the benefit to customers by reducing product prices and helped the auto industry post some good months in terms of sales, but the end of the year saw the prices again ticking up due to rising input costs.