Page 19 - Auto Industry

India's auto parts companies eye a bigger share of the export market

An ACMA-BCG report has targeted Indian auto component exports to hit $100 billion - nearly a fivefold increase from $21 billion currently

Hyundai's Rs 31,526 crore related-party transactions under scrutiny

Proxy advisory firms divided over supporting the transactions

Electric vehicle sales down 1.9% in February due to challenges: Fada

While all four categories of EVs registered double-digit M-o-M declines in sales, three-wheeler, commercial, and passenger vehicles saw single-digit Y-o-Y growth

Ultraviolette hits the gas, to come out with 10 new e 2-wheelers in 3 years

At present they can make 10,000 two-wheelers a year, easily scalable up to 30,000 units a year in three shifts

Microchip Technology to lay off 2,000 employees amid weak automotive demand

The company expects to incur between $30 million and $40 million of costs related to the layoffs, consisting of cash severance and related restructuring expenses

Here's why Chinese EV makers are facing reality check in Southeast Asia

While Southeast Asia's upwardly mobile population may aspire to own EVs, the still-pricey cars are beyond the reach of many

Ola Electric sells 25,000 units in February, grabs 28% market share

Ola Electric on Friday said it sold 25,000 units in February and reached a market share of over 28 per cent, cementing its leadership in the electric two-wheeler segment. The company achieved the sales milestone on the back of S1 portfolio and sales-and-service network of 4,000 stores across the country, Ola Electric said in a statement. "We have successfully maintained a strong sales momentum and leadership position through the month of February," a Ola Electric Mobility spokesperson said. Owing to a wide scooter portfolio across mass and premium segments, and sales network of 4,000 stores across India, the company is now witnessing a strong uptick in demand beyond urban cities, the spokesperson added. "With our Roadster X deliveries scheduled next month, we are confident of further accelerating the EV adoption across the 2W category in India," the company spokesperson stated. The company said it has recently announced the renegotiation of contracts with its vehicle registration

Tesla entry not a major threat to electric vehicle OEMs, says CLSA

Even if Tesla launches a BEV at $25,000, CLSA feels that features and specifications would be 'meaningfully compromised' compared to its traditional models

Kinetic's EV component biz will be up to Rs 1.5K cr in 4 years: Firodia

Firodia talked about his plans for the EV-components business, and the components business at large for the group

Tata.ev plans to double India's EV charge points to 400,000 by 2027

Already charger utilisation levels have increased in India with the growing population of EVs

Ashok Leyland Q3 profit rises 35% to Rs 820 cr on exports, festive sales

Commercial vehicle maker expects international sales to expand as it launches new products

Eicher Motors Q3 results: Net profit jumps 15.6% to Rs 1,056 crore

The total income of Eicher Motors increased by 21 per cent Y-o-Y to Rs 5,208 crore in Q3 FY25

PVs in top gear as rural growth back on track; inventory levels decline

OEMs feel consumption in this segment will continue to grow this year

'Forced' to import certain steel grades: Automobile manufacturers

Cite lack of viable alternatives meeting emission & safety norms, in letter to DGTR

Ola Electric unveils S1 Gen 3 portfolio, launches 8 new scooters

Ola Electric said the Gen 3 platform delivers the next level of performance, efficiency, safety, and reliability

Maruti Suzuki Q3 results: Net profit jumps 16.2% to Rs 3,726 crore

'Demand scenario is generally subdued. It is a reality that we have to live with for some time,' says Rahul Bharti, Executive Director, Corporate Affairs, MSIL

Volkswagen India faces customs delays over $1.4 billion tax demand

Skoda Auto Volkswagen India has previously said it complies with all laws and regulations and is cooperating with the authorities on the allegtions

Sri Lanka lifts ban on vehicle import placed in 2020 due to pandemic

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

TVS Motor plans to enter electric 3-wheeler cargo vehicle segment in Q4

TVS Motor, a leading player in the two and three-wheeler segment, is planning to make a foray into the electric cargo vehicle space, an official said on Monday. The company, which launched its electric three-wheeler passenger vehicle in the eastern metropolis, is hoping to roll out the cargo variant during the last quarter of the current financial year. "We launched the electric three-wheeler in Kolkata along with UP, Bihar, J&K and Delhi in the passenger segment. The company aims to make a foray into the electric cargo three-wheeler segment during the fourth quarter of the current financial year", TVS Motor's business head, commercial mobility, Rajat Gupta said. He said that the adoption of electric vehicles in the three-wheeler segment is growing. "The market share of TVS in the three-wheeler alternate fuel segment (CNG, LPG and electric) is at ten per cent at the moment and is growing", Gupta said. He said the company manufactures three wheelers at its Hosur plant in Tamil Nadu

Q3 result preview: Rural push, launches may boost auto revenue, Ebitda

Margins may see some contraction due to promotional offers to clear inventory post festive season