Cars not an aspiration, consumers prefer cab services, says Uday Kotak
Uday Kotak added that problems in the auto sector are structural and cyclical and he urged the industry to introspect to overcome these challenges.

- Sep 5, 2019,
- Updated Sep 5, 2019 5:32 PM IST
Uday Kotak urged the auto industry to brace for change as, he added, cars are no more an aspiration. Speaking at the annual convention of Society of Indian Automobile Manufacturers (SIAM), Kotak said that customers' preferences are swiftly changing and manufacturers should be prepared for the onset of shared mobility. Asia's richest banker gave a personal example and said that his son prefers to travel by cab aggregators such as Uber and Ola.
"A car was a status symbol when I started my career. But my son is more comfortable with Ola and Uber which is a classic example of capacity utilisation," he said at the convention.
Kotak added that problems in the auto sector are structural and cyclical and he urged the industry to introspect to overcome these challenges. He said that a lot of internal changes are also required in the sector. "We need to be confident and not arrogant about the current state in the auto sector," he added.
Kotak said that the demand in auto sector can be boosted through government spending and through price rationalisation by the manufacturers. He mentioned that companies also need to look for export avenues.
Uday Kotak urged the auto industry to brace for change as, he added, cars are no more an aspiration. Speaking at the annual convention of Society of Indian Automobile Manufacturers (SIAM), Kotak said that customers' preferences are swiftly changing and manufacturers should be prepared for the onset of shared mobility. Asia's richest banker gave a personal example and said that his son prefers to travel by cab aggregators such as Uber and Ola.
"A car was a status symbol when I started my career. But my son is more comfortable with Ola and Uber which is a classic example of capacity utilisation," he said at the convention.
Kotak added that problems in the auto sector are structural and cyclical and he urged the industry to introspect to overcome these challenges. He said that a lot of internal changes are also required in the sector. "We need to be confident and not arrogant about the current state in the auto sector," he added.
Kotak said that the demand in auto sector can be boosted through government spending and through price rationalisation by the manufacturers. He mentioned that companies also need to look for export avenues.