Page 23 - Auto Industry

BS@50: Climate change of another kind in India Inc's 50-year journey

India Inc waded through a stifling 'external environment' and unbridled competition. But Big Govt refuses to go away

Auto majors to offer discount on new vehicles against scrappage certificate

Ahead of the festive season, several passenger and commercial vehicle manufacturers have agreed to offer discounts of 1.5-3 per cent on new vehicle purchase against scrapped old vehicles after a meeting with Union Minister Nitin Gadkari, an official statement said on Tuesday. The statement further said Mercedes Benz India has offered a flat discount of Rs 25,000, which will be over and above all existing discounts. Union Road Transport and Highways (RT&H) Minister Nitin Gadkari on Tuesday chaired a meeting with the SIAM delegation at Bharat Mandapam, where he addressed pressing issues in the automobile industry. "During this interaction, responding positively to the advice of the minister RT&H and recognising the importance of Fleet Modernisation and Circular Economy, multiple Commercial Vehicle Manufacturers and multiple passenger vehicle manufacturers have agreed to offer discounts for a limited period against a certificate of deposit (Scrappage Certificate)," the statement .

Will have 10 days' dealer stock by year-end: Maruti Chairman R C Bhargava

Currently, Maruti dealers hold inventory for 38 days

Japanese Pioneer plans to scale up biz with Indian automakers for future

Japanese car audio and entertainment system maker Pioneer on Tuesday said it is eyeing partnerships with automakers in India as part of its future growth strategy. The company globally works with various automakers as a supplier of automotive items like infotainment systems, speakers etc. In India, however, the company's focus till date has been primarily on the aftermarket business. "In India, honestly, so far in the last 16 years, the focus was never on the OEM side, and which I would say, is a major shift. "So, going forward, one of the main growth agendas is going to be getting established in the OEM (original equipment maker) world," Pioneer India MD Aniket Kulkarni told PTI in an interaction. The partnerships with automakers is going to be one of the focus areas going forward, because in terms of growth, it has huge potential, Kulkarni stated. He noted that the company is already in talks with various automakers but declined to share details. "So, there are very active pro

Rural two-wheeler sales race past urban markets in a first since Covid

Two-wheeler makers are betting on a rise in 'first-time buyers' and a rise in rural demand to drive growth in FY25

Maruti to talk CBG production expansion with Centre: Suzuki Motor

This contrasts with its total vehicle sales of 427,000 units in the first quarter of 2023-24, which grew 1.2 per cent Y-o-Y

Electric vehicle startup Rivian's production chief Fallon joins Stellantis

Fallon's exit comes at a time for Rivian, which is expanding its only facility in Normal, Illinois to produce the smaller and less expensive R2 SUV that many analysts see as critical to its success

EMPS progress: Achieves 60% of revised target, supporting 334,260 vehicles

Government sources credit the turnaround to the onboarding of new players and the addition of more models by existing companies, which has driven increased disbursement

I believe in creative destruction: Ola founder on new motorbike prices

Aggarwal said that people should already know how he is going to price the products and expressed confusion over why people are surprised

Waning demand expected to hit breakneck rally in India's auto stocks

India's NSE Nifty Auto Index is down 4.1 per cent in August, more than double the decline in the Nifty 50 Index

M&HCV sales likely to surpass pre-Covid-19 peak of 419,000 units in FY25

Sanjeev Kumar, president - MHCV, Ashok Leyland, said that the first quarter sales growth is currently around 8 per cent, driven by demand for buses

Ola Electric Q1 results: Loss widens to Rs 346 cr, revenue at Rs 1,644 cr

The company further announced plans to incorporate its own cell technology into its vehicles starting from Q1 of FY26

Xtreme 125R's production capacity to be increased by 60%: Hero Moto CEO

This is the second time in recent months that the company is increasing the production capacity of this model

Hero MotoCorp Q1 results: Net profit rises 47.3% to Rs 1,032 crore

Crosses Rs 10,000 crore revenue mark for the first time; posts highest ever Q1 profit

Metalman Auto files IPO papers with Sebi, eyes Rs 350 cr via shares sale

Auto components maker Metalman Auto Ltd has filed draft papers with capital markets regulator Sebi to mobilise funds through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares worth Rs 350 crore and an offer for sale (OFS) of up to 1.26 crore shares by its promoters, according to the draft red herring prospectus (DRHP). Proceeds from the fresh issue to the tune of Rs 25 crore will be used to part financing the capital expenditure towards procurement of plant and machinery at Pithampur manufacturing unit 2 in Madhya Pradesh. Additionally, Rs 240 crore will be used for payment of debt, besides, a portion of funds will be used for general corporate purposes, draft papers filed on Monday showed. Founded in 1986, Metalman Auto is a one-stop shop for sheet metal and tubular fabrication, metal finishing and assembly of components for OEMs in the automotive and non-automotive sectors. The company is primarily focused on manufacturing meta

Kinetic Green secures $25 million investment from Greater Pacific Capital

The investment will be used to scale production at Kinetic Green's manufacturing facility in Supa, Maharashtra, and to enhance marketing, distribution, and R&D efforts

From Tata Motor to Royal Enfield, automakers hit the gas on launches

Mahindra is coming up with Thar Roxx, and plans to reintroduce the iconic BSA Gold Star Bike

Global demand muted; gradual improvement expected in domestic market: TaMo

Tata Motors expects demand to remain sluggish in overseas markets this fiscal while pinning hopes on a gradual bounce back in the domestic market on the back of new launches and the upcoming festive season. Earlier this month, the Mumbai-based automaker reported a consolidated net profit of Rs 5,566 crore and total income of Rs 1,09,623 crore for June quarter. "Overall, from a demand perspective, we do anticipate that as far as the global demand is concerned, it is likely to remain muted. It has been that way. It's likely to remain muted. No immediate changes there," Tata Motors Global CFO PB Balaji said in an analyst call. In the domestic market, the company expects a gradual improvement in demand during the rest of the year aided by government plans to invest on infrastructure, healthy monsoons, favourable overall economic macros, new launches and upcoming festive period, he noted. "So there is a need for absolute reason why there is an optimism as far as the domestic demand buil

Zoomcar launches first fulfilment centre in Chennai, plans 100 more in 2024

Self-drive car-sharing platform Zoomcar on Friday said it has launched its first fulfilment centre in Chennai and plans to add more than 100 such centres this year. As part of the expansion, the company said, it is also looking to add 1,000 new cars on the platform by December this year. Operated by a third-party operator, such facilities manage end-to-end operations of car listings on behalf of the hosts who want to earn by sharing their cars but find it challenging to do it themselves, Zoomcar said. The company said leveraging its over decade-old experience in the car sharing business, it helps these fulfilment centres by providing services to guests. Hosts pay a nominal fee to get an array of services from these centres like managing their car, regular cleanliness, safe and secure parking space at top locations in hot spots, delivery and pick up of cars to customers and service centres, among others. Cars managed through the fulfillment center are tagged as "Assured by Zoomcar"

Hybrids preferred choice, offer best of both worlds: Lamborghini executive

The divide within the auto industry recently came to the fore after a July 5 order by the Uttar Pradesh government to waive a registration tax of 8-10 per cent for strong hybrid vehicles