The auto industry is suffering a slight slump, however the industry appears resilient and on the road to growth. B360 spoke with leaders of the country’s top auto companies to get insight into the future of the auto industry in Nepal.
Executive Director, Chaudhary Group
Will the auto market continue to boom in 2018/19?
The Passenger Vehicles in particular didn’t show growth in comparison to last fiscal year. In fact, there is marginal de-growth. We are optimistic that the auto sector will grow in the coming year.
What are some of the trends that are considered positive for the auto market?Boom in auto market indicates positivity of country’s economy. However, positivity is in scarcity if you talk about the auto market. Automobile is a necessity rather than luxury in our country where public transport which is improving but is not up to the mark yet. The road connection outside the valley is a positive point for the industry’s growth.
What are the challenges functioning in an economy where the auto market is highly regulated?
The regulatory body needs to view the auto industry as a necessity and policy should be made in accordance. Then there is tightening in auto loan with high interest rate which is a negative sign for most customers given that auto loan is the most preferred payment medium. There has been negative scenario for automobile industry since last three years and the industry is continuously working in uncertainty.
How do you scale brand awareness and push sales in Nepal’s competitive distribution arena?
Suzuki has high brand awareness. High brand awareness makes you competitive but does not necessarily ensure high volume. This is where our focus has always been, we cannot relax saying customers know us. Customers are very smart and they make rational decision based on the best choices. Presenting ourselves as the best choice for investment is what we are focusing to push our sales in.
What among global auto trends excites you?
Technological innovation that is designed to make road transport safe and convenient is what excites me.
What is the future?
I believe EV is the future.