Chip shortage to create demand for 2nd hand cars

Cars24 Services Pvt, India’s biggest online marketplace for used automobiles, is anticipating a rise in the demand for used cars due to the global semiconductor shortage. Indian automakers have already started cutting production. Maruti Suzuki India Ltd., India’s biggest carmaker, expects output to dwindle by 40% in September due to the supply crunch following an 8% decline in August, while Mahindra & Mahindra Ltd. recently said September output would slide 20%-25%.  “New car production will be cut dramatically and that will definitely result in high demand for used cars,” stated Vikram Chopra, co-founder and chief executive officer of the Gurgaon based firm. In the next six months we are going to see a pretty big impact,” he added.