Millennials opting for ride hailing services like Ola and Uber may not be that strong a factor for the current slowdown in auto sales and a detailed study is needed to arrive at any conclusion to the contrary, according to a top official of the country’s largest carmaker Maruti Suzuki India.

Ownership pattern in India still has not changed and people purchase cars with an “aspirational aspect”, MSI executive director (marketing and sales) Shashank Srivastava told PTI here.

On Tuesday, finance minister Nirmala Sitharaman had said a change in the mindset of the millennials, who now prefer Ola and Uber instead of committing themselves to monthly instalments to own a car, was among one of the many factors responsible for the slowdown in the automobile sector.

“The Ola and Uber factor may not be strong to contribute to the current state of slowdown,” Srivastava said.

He cited the example of the US market, where Uber is a big player and the car sales in the last few years are robust.

Srivastava said there were many reasons for this downturn in the auto market such as liquidity crunch, increased prices of products due to regulatory issues, higher taxes and a rise in insurance rates.