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Japanese small car major Suzuki Motor Corporation on Monday said overall passenger vehicle wholesale in the Indian market is expected to grow around 1-2 per cent in 2025-26, with the company's arm Maruti Suzuki looking to outpace industry growth. The company which has earmarked total capital expenditures of 380 billion yen for 2025-26 said "investments in India will account for approximately 50 per cent" of it with plans to increase production capacity of passenger vehicles. On the outlook for FY2025-26 in India, Suzuki Motor Corporation (SMC) in an investor presentation said, "Although SUVs continue to be strong in the market, demand for compact cars continues to be sluggish, and the overall market for wholesale sales is expected to grow by (around) 1 to 2 per cent." It further said, "With the launch of two new SUVs, including the BEV e VITARA, our company plans to outpace market growth." In addition, the new Kharkhoda plant where it initiated production in February this year, wil
Passenger vehicle industry in India is expected to touch a record cumulative domestic and export volume of 50 lakh units this fiscal despite the annual growth rate slowing down to 2-4 per cent, according to Crisil Ratings. However, penetration of electric vehicles (EVs) is seen at a moderate 3-3.5 per cent despite new launches and declining battery costs due to high prices, modest charging infrastructure and range anxiety, restricting the market to urban users as a second car option, the insights-driven analytics firm said in a statement. The growth in the EV segment has slowed after doubling last year on a low base, it added. "India's passenger vehicle (PV) industry is set to scale a fresh high this fiscal with domestic and export volume cumulatively crossing 5 million units even as the annual growth rate slows to 2-4 per cent," Crisil Ratings said. This marks the fourth consecutive year of record sales, although momentum has significantly eased from the 25 per cent surge in fisca
Cash-strapped Sri Lanka has officially lifted the ban on the vehicle import which was put in place in 2020 to ease the pressure on foreign exchange reserves due to the COVID-19 pandemic, authorities said on Tuesday. This will be with effect from February 1. President Anura Kumara Dissanayake has issued a gazette dated January 24 which ended the ban on vehicle imports imposed in early 2020 with the COVID outbreak. The ban was continued when Sri Lanka suffered its economic crisis triggered by forex shortage. In April 2022, Sri Lanka declared its first-ever debt default. Commenting on the lifting of the import ban the Cabinet spokesman and minister Nalinda Jayathissa said only trucks, buses and double cabs would be allowed in the first phase. President Dissanayake said last week that the government would allocate USD 1.2 billion for vehicle imports for the first phase. In 2019, before the ban came into force the island had spent USD 1.4 billion for vehicle imports. We will be wary