<p>The country's automobile industry will gather pace by July-August this year, a top official at Tata Motors said, attributing the current temporary slowdown to issues like consumers facing problems in securing vehicle loan and the companies shifting to BS-VI emission norms as mandated by the government.</p>.<p>"The sluggishness of the vehicle market in the country is going to be short-lived. We hope that sales of passenger vehicles will record pace by July-August before the festive season," Tata Motors president (passenger vehicles business unit), Mayank Pareek, told reporters after launching the company's new car Altroz in Madhya Pradesh.</p>.<p>He hoped that the vehicle market would grow due to the continuous expansion of infrastructure in the country and the increasing population of young professionals.</p>.<p>Pareek said that about 74 per cent of customers in the country buy cars by taking loans from banks.</p>.<p>But for the last 12 to 18 months, customers are facing difficulties in getting vehicle loans from banks.</p>.<p>Besides, he said that due to the emission standard change from BS-IV to BS-VI, there has been a slight slowdown in the entire motor vehicle industry as all the vehicle manufacturers are currently finishing their old stock of BS-IV class vehicles.</p>.<p>Sharing details of Tata Motors' position in this regard, Pareek said, "We have exhausted stock of BS-IV class vehicles in our factories in the first nine months (April-December) of the ongoing financial year.</p>.<p>The company hopes that by February 1, the stock of vehicles in this category will be reduced to less than 5,000 units with Tata's dealers.</p>.<p>"It is to be noted that as per the Supreme Court's decision to reduce environmental pollution, Bharat Stage (BS)-VI emission standards are going to be implemented from April 1 and new vehicles will be sold in the country as per this standard only.</p>.<p>With this, the registration of BS-IV category vehicles will be stopped.</p>
<p>The country's automobile industry will gather pace by July-August this year, a top official at Tata Motors said, attributing the current temporary slowdown to issues like consumers facing problems in securing vehicle loan and the companies shifting to BS-VI emission norms as mandated by the government.</p>.<p>"The sluggishness of the vehicle market in the country is going to be short-lived. We hope that sales of passenger vehicles will record pace by July-August before the festive season," Tata Motors president (passenger vehicles business unit), Mayank Pareek, told reporters after launching the company's new car Altroz in Madhya Pradesh.</p>.<p>He hoped that the vehicle market would grow due to the continuous expansion of infrastructure in the country and the increasing population of young professionals.</p>.<p>Pareek said that about 74 per cent of customers in the country buy cars by taking loans from banks.</p>.<p>But for the last 12 to 18 months, customers are facing difficulties in getting vehicle loans from banks.</p>.<p>Besides, he said that due to the emission standard change from BS-IV to BS-VI, there has been a slight slowdown in the entire motor vehicle industry as all the vehicle manufacturers are currently finishing their old stock of BS-IV class vehicles.</p>.<p>Sharing details of Tata Motors' position in this regard, Pareek said, "We have exhausted stock of BS-IV class vehicles in our factories in the first nine months (April-December) of the ongoing financial year.</p>.<p>The company hopes that by February 1, the stock of vehicles in this category will be reduced to less than 5,000 units with Tata's dealers.</p>.<p>"It is to be noted that as per the Supreme Court's decision to reduce environmental pollution, Bharat Stage (BS)-VI emission standards are going to be implemented from April 1 and new vehicles will be sold in the country as per this standard only.</p>.<p>With this, the registration of BS-IV category vehicles will be stopped.</p>