Page 2 - Auto Component Production

Domestic auto component industry reports highest turnover in FY23

The domestic auto component industry expects to log in double-digit sales growth in the current fiscal after having reported its highest-ever turnover in 2022-23, as demand is expected to remain robust. As per the Automotive Component Manufacturers Association (ACMA), the sector reported a turnover of Rs 5.6 lakh crore last fiscal, registering a growth of 33 per cent over Rs 4.2 lakh crore in 2021-22. In 2022-23, exports grew by 5 per cent to Rs 1.61 lakh crore while imports grew by 11 per cent to Rs. 1.63 lakh crore, it added. The aftermarket, estimated at Rs 85,333 crore also witnessed a steady growth of 15 per cent while component sales to OEMs in the domestic market grew by 39.5 per cent to Rs 4.76 lakh crore, ACMA said. "With significant mitigation in the supply-side issues of availability of semiconductors, input raw-material costs and logistics, the vehicle industry is expected to continue to perform well in FY24, which augurs well for the auto components sector," ACMA ...

Samvardhana Motherson Int'l to buy Cirma Entreprise SAS for 7.2 mn euros

Auto components maker Samvardhana Motherson International Ltd on Thursday said its arm Samvardhana Motherson Automotive Systems Group BV will fully acquire French entity Cirma Entreprise SAS at an enterprise value of 7.2 million euros (nearly Rs 65 crore). Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has signed a binding undertaking to acquire a 100 per cent stake in Cirma Entreprise from Vinci Energies France, Samvardhana Motherson International said in a regulatory filing. Cirma Entreprise is into aerospace, shipbuilding and allied industries. The cost of acquisition is pegged at an enterprise value of 7.2 million euros, it added. On the rationale behind the acquisition, the company said Motherson will become a Tier 1 to Aerospace OEM (Original Equipment Manufacturer) and proximity to OEM would open further avenues for growth. Also, it will help in diversification to electrical wiring and interconnect systems (EWIS) for aerospace, shipbuilding and other allied ...

Rs 25,938-cr Auto PLI scheme: Centre considers paying incentive quarterly

Incentives for FY23 yet to be disbursed as OEMs yet to furnish requisite documents, say officials

Lumax Auto soars 12% as it acquires majority stake in IAC Group's India biz

IAC India is a well-established Tier-1 interior systems and components supplier to key automotive OEMs in India including Mahindra, Maruti Suzuki, Volkswagen and Volvo Eicher Commercial Vehicles.

Auto components industry grows 34.8% to Rs 2.65 trillion in H1 of FY23

India's auto components industry witnessed a 34.8 per cent growth to Rs 2.65 lakh crore in first-half of 2022-23, riding on domestic demand, particularly from the passenger vehicles segment, the Automotive Component Manufacturers Association of India said on Wednesday. During the period, exports of components grew by 8.6 per cent to USD 10.1 billion (Rs 79.03 lakh crore), while imports climbed 17.2 per cent to USD 10.1 billion (Rs 79.8 lakh crore), Automotive Component Manufacturers Association of India (ACMA) said. "We've seen great growth come out of passenger cars and commercial vehicles... The festive season was very positive for two-wheelers, and we hope that two-wheelers will be back on the growth track, like they have been in the past," ACMA President Sunjay Kapur told reporters in a virtual conference. He further said moderation in the supply-side issues, such as availability of semiconductors, high input raw-material costs and non-availability of containers, also helped in

Sona BLW expects two-third of revenues from EV components in coming years

With carmakers investing billions of dollars to build EVs, auto part suppliers are also diversifying their business towards new and clean technologies and moving away from gasoline-reliant supply chai

Maruti Suzuki: Genuine accessories available online in over 100 cities

The company said users can search accessories based on the vehicle model, variant and product category

Auto components major Motherson Sumi Q3 net dips 80% to Rs 226 crore

Total revenue from operations stood at Rs 16,117.51 crore in the quarter under review against Rs 17,092.44 crore in the year-ago period

Toyota extends production stoppages in Japan as components run short

Lost production from the latest halts will now total about 14,000 vehicles in December, up from 9,000 units it flagged on Friday, Toyota said.

With states unlocking, auto manufacturers crank up production in June

Expect to reach up to 90% of pre-Covid 2.0 levels

Autocomp sector set for a rebound after two tough fiscals, says Crisil

The automotive components sector will see revenue rebound 21 to 23 per cent next fiscal: Crisil

Japanese group Yanmar sets up its first diesel engine making unit in India

With a built-up area of 23,708 sq mt, the facility in Chennai has an annual production capacity of 80,000 engines

Auto component firms eye higher exports, low imports to become self-reliant

Top official at various auto component firms said exports, which anyways have been intrinsic to the overall strategy, will increase at a rapid pace over the next two to five years

Improve output, explore smart solutions: Goyal to auto components industry

While addressing the Automotive Component Manufacturers Association''s (ACMA) 60th annual session, the minister said that there is a huge demand for trusted partners in resilient global supply chains

Tamil Nadu to set up exclusive park for EVs, targets Rs 50k-cr investment

The state plans to create 150,000 jobs with a comprehensive EV ecosystem in the state

Steel Strips Wheels bags manufacturing orders worth $2,09,000 for US market

Company says it has bagged 'export' orders for over 6,000 wheels for the US truck and caravan trailer market

Global spread helps Motherson Sumi tackle Covid-19 pandemic pain

The third part of the series looks at how the firm used its first-mover advantage to get production back on track

Why India's automobile, pharma sectors are not ready to wean off China

India relies on China for products such as electronic components and drug ingredients because it cannot make them or source them elsewhere as cheap.

Automotive sector needs to finalise digitisation roadmap post Covid-19: EY

The sector, which had a production loss of about 750,000 units, currently has unsold inventory worth Rs 20,000 crore

Life after lockdown: Ramping up isn't easy with curbs, labour shortages

The first of a three-part series looks at how manufacturing units are gearing up to the new normal