NOVEMBER 20248AUTOMOTIVE SALES DROUGHT EASES SLIGHTLY WITH BOOST IN RURAL REGIONAPPLE MAKES LANDMARK MILESTONE BY ESTABLISHING RESEARCH WING IN INDIAArevival in the rural market has played a key role in halting the decline in sales of entry-level small cars, which saw a 10 percent growth in retail sales in October, according to top officials of Maruti Suzuki India (MSI). The company, which recently launched the all-new version of its compact sedan Dzire, priced between Rs 6.79 India may soon play a significant role in the development of Apple's new products, including research, design, and testing. Apple has incorporated a wholly owned subsidiary lakh and Rs 10.14 lakh (ex-showroom Delhi), remains optimistic about increasing its share in the sedans category despite the rapid growth of SUVs. Maruti Suzuki asserts that it will continue to cater to all vehicle segments to maintain its high market share in the domestic market.While the SUV segment has been growing at a fast pace, other segments, including compact sedans, remain crucial for MSI to maintain its market dominance. Hisashi Takeuchi, MSI MD and CEO, emphasized, "The compact sedan segment is very reliable.Currently, Maruti Suzuki holds over 40 percent market share in the overall domestic passenger vehicle segment, with more than 50 percent in the sedan segment. In the entry compact-sedan segment--which includes competitors like Honda Amaze and Hyundai Aura--MSI holds a commanding market share of over 61 percent for the April-September period of the fiscal year.The sedan segment currently represents 8 percent of the overall passenger vehicle volumes, while sedans account for 10 percent of MSI's total sales volumes. Partho Banerjee, MSI Senior Executive Officer for Marketing and Sales, stated that the company's strategy is to serve all customer segments, with rural markets performing better than urban areas. in India, named Apple Operations India. According to a regulatory filing by the new entity, its activities will include the procurement of engineering equipment, leasing of facilities, employing engineers for hardware development, and providing failure analysis services to other group companies.Apple Operations India's filing also mentions that Apple Inc. has provided a letter of comfort, assuring operational and financial support to the subsidiary "for the foreseeable future." This move marks a significant step, as Apple has yet to conduct hardware design and testing in India--an initiative that would be a first for the country. Currently, Apple carries out its R&D in locations like the US, China, Germany, and Israel.This development also represents a shift for Apple, as it sets up its first direct subsidiary in India, whereas previously its Apple India entity was under the ownership of Apple Operations International, based in Ireland. The manufacturing of Apple products in India is currently outsourced, but the new subsidiary will support third-party manufacturers and contractors by providing hardware, software, and other related services. TOP STORIES
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