"Over our two decades of operations in India, we have worked tirelessly to build a strong competitive local supplier eco-system and develop strong capable human resources. Our first step is to ensure full capacity utilisation of what we have created and this will take time."

The company's statement comes after a report cited that future investments by the auto maker might stop given the high tax incidence in India.

"In wake of the slowdown that has been exaggerated by the Covid-19 impact, the auto industry has been requesting the Government for support to sustain industry through a viable tax structure," the statement said.

"We remain confident that the government will do everything possible to support industry and employment. We recognise the strong proactive efforts being made by the Government to support various sectors of the economy and appreciate the fact that it is open to examine this issue despite the current challenging revenue situation."