Page 23 - Auto Industry

Hyundai launches new Alcazar; SUVs now account for 67% of its overall sales

Hyundai Motor India on Monday said its sports utility vehicle portfolio accounts for 67 per cent of its overall sales, surpassing the industry average of 53 per cent. The company, which on Monday introduced a new version of its seven seater SUV Alcazar, said SUV sales continue to see an upward trend in the country. "As India's love for SUVs grows, our SUV penetration continues to grow. Presently, our SUV penetration stands at 67 per cent, far surpassing the industry average of 53 per cent," Hyundai Motor India MD Unsoo Kim told reporters here. The company's midsize SUV Creta, whose latest version was introduced earlier this year, has already surpassed the milestone of one-lakh-unit sales mark, he added. The automaker remains committed to providing sustainable and convenient mobility solutions, Kim said. The new Alcazar comes in both petrol and diesel trims. The price of petrol variants starts at Rs 14.99 lakh while that of diesel commences at Rs 15.99 lakh (ex-showroom Delhi).

Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam

The Indian automotive industry has crossed Rs 20 lakh crore mark in FY24 and now contributes 14-15 per cent of the total GST collected in the country, SIAM President Vinod Aggarwal said on Monday. The auto sector also contributes significantly to the direct and indirect employment generation in the country, he said while speaking at the 64th annual ACMA session here. "The Indian automotive industry has crossed a landmark figure of Rs 20 lakh crore (around USD 240 million) in FY24...we are contributing almost 14-15 per cent of the total GST collected in the country," Aggarwal said. The auto industry will contribute more and more to the GDP of the country from the current level of around 6.8 per cent, he noted. It is not just the growth numbers, but equally important is the transformation in the technology, he added. Aggarwal stated that globally also the standing Indian auto industry has risen. "We have become the third largest passenger vehicle market, the largest two and three

Decline in rural auto sales prompts banks to offer festive season deals

India's auto sector, burdened with Rs 80,000 crore in inventory, sees declining tractor sales post-harvest, leading lenders to exercise caution

Losing spark: Delhi's electric vehicle adoption to hit speed bump

The removal of road tax waiver in the city estimated to make such vehicles about 10% costlier for its residents

GTRI flags concern against India of becoming 'EV colony' for China

The government should allow the domestic electric vehicle sector to grow naturally without relying on incentives as it would avoid India becoming an 'EV colony' for China, think tank GTRI said on Friday. India faces unique challenges not faced by other countries in adopting EVs (electric vehicles) at large scale, it added. These challenges include 80 per cent of electricity generated from fossil fuels like coal, frequent power cuts, and dependency on imports for making EVs in the country like batteries and critical minerals, the Global Trade Research Initiative (GTRI) said. "Considering these challenges, instead of rushing into the fray with heavy incentives or falling into dependence on Chinese imports, India has the opportunity to let its EV sector evolve naturally. By allowing market forces to steer the sector's growth, India can avoid becoming an 'EV colony' for China and carve out its own path in the global EV landscape," it added. It also said the global EV market is undergoi

Rapido becomes unicorn with $200 million funding, enters 4-wheeler market

The fresh capital will be directed towards expanding their newly launched four-wheeler taxi service, which will compete directly with Ola and Uber

Swedish automaker Volvo Cars abandons target of going all electric by 2030

Major automakers have seen slowing demand for EVs partly due to a lack of affordable models and the slow roll-out of charging points

FAME-III will be rolled out in next two months: Union minister Kumaraswamy

The minister mentioned that the government is taking a comprehensive approach to boost the EV ecosystem

Kia tops Fada's overall customer experience index in mass-market space

In the luxury segment, Audi takes the top spot

Maruti to drive deep into small towns via Arena Satellite showrooms

Banerjee said that in the digital era, there is no real divide between urban and rural. However, in Tier-II and Tier-III cities, there is an affinity for hatchbacks

TVS Motor sales up 13% in Aug at 391,588 units; exports grow by 13%

TVS Motor Company on Sunday said its total sales increased 13 per cent year-on-year to 3,91,588 units in August as compared with the same month last year. The company had dispatched 3,45,848 units to its dealers in the same month last year, TVS Motor Company said in a statement. Total two-wheeler sales last month stood at 3,78,841 units as against 3,32,110 units recorded in August 2023, a growth of 14 per cent. Two-wheeler sales in the domestic market grew 13 per cent year-on-year to 2,89,073 units last month from 2,56,619 units in August 2023. Total exports registered a growth of 14 per cent with sales increasing from 87,515 units in August last year to 99,976 units last month.

Maruti Suzuki total sales dip 4% year-on-year to 181,782 units in August

Maruti Suzuki India on Sunday reported a 4 per cent year-on-year decline in total sales in August at 1,81,782 units. The company had dispatched 1,89,082 units in the same month last year, Maruti Suzuki India (MSI) said in a statement. Total domestic passenger vehicle wholesales were at 1,43,075 units last month as compared with 1,56,114 units in the year-ago month, a dip of 8 per cent, it added. Sales of mini segment cars, comprising Alto and S-Presso, declined to 10,648 units last month as against 12,209 units a year ago. Sales of compact cars, including Baleno, Celerio, Dzire, Ignis and Swift, declined 20 per cent to 58,051 units as compared with 72,451 units in the year-ago month. Utility vehicles, consisting of Grand Vitara, Brezza, Ertiga, Invicto, Fronx and XL6, clocked sales of 62,684 units last month as compared to 58,746 units earlier. Sales of Eeco were at 10,985 units last month as against 11,859 units in the year-ago period, while that of light commercial vehicle Supe

Bajaj Auto looks to pip TVS to second spot in electric 2-wheeler market

The Pune-based giant, which was trailing far behind TVS just two months ago in e-two-wheelers (e2Ws), has upped the ante

Italian carmaker Maserati banking on entrepreneurs to drive India story

Maserati, which currently operates just a single dealership in India, sold less than 50 cars in the country in 2023

Bullish on Indian market potential for super luxury cars: Aston Martin

British super luxury carmaker Aston Martin is bullish on the Indian market and is looking to expand its footprint to tap the growing demand which is coming even from Tier II and III cities, according to a company official. The company, which on Thursday launched its all-new Vantage model in India priced at Rs 3.99 crore, plans to continue to bring models to the country simultaneously with the global launch. "India is a very important and a promising market and hence you would see that they (Aston Martin) are launching all the models which are available globally in India as well," Aston Martin New Delhi Vice President - Operations, Anand told PTI here on the sidelines of the launch. Aston Martin New Delhi is the official importer of Aston Martin cars to India. "Next week, on September 2, we are launching (globally) our V12 flagship, which is going to be under wraps on what it is going to be called... And for the first time, that car will also be available immediately for the Indian

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