Page 28 - Auto Industry

Claims of ICE vehicle demise self-serving: Bajaj Auto's Rakesh Sharma

Sharma talks about Bajaj's mega electric vehicle play

Micro SUVs gain ground in India, with sales soaring 72% in early FY24

Hyundai Exter and Tata Punch, priced under Rs 10 lakh, saw a 72 per cent sales jump in the first four months of FY24, far outpacing the 1.8 per cent growth in overall domestic passenger vehicle sales

PV sales dip 1.8%, two-wheeler sales grow 9.3% in August: Siam data

According to Siam, total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in August 2024 stood at 2.49 million units

Finance ministry gives GST relief to ad agencies, automobile dealers

Another circular on supply of data hosting services was issued where such services are provided by companies in India to cloud computing service providers located outside India

Cabinet meet: Widened net for Ayushman Bharat, renewed EV subsidy, more

Cabinet clears Rs 5 lakh health cover under Ayushman Bharat for those 70 years and above

Tamil Nadu, Ford Motor in talks to restart production eyeing global market

Tamil Nadu Chief Minister M K Stalin visited Ford headquarters in Michigan on Tuesday and held detailed discussions with its top management, urging them to restart production

Will Maruti put India's EV mission on fast lane? MSIL MD & CEO believes so

Japanese carmaker wants 'sustainable' growth in electric car market by addressing three major concerns

Tata Motors managing director Shailesh Chandra elected Siam president

Chandra had previously served as Vice President of Siam. He is now succeeding Vinod Aggarwal, Managing Director and CEO of Volvo Eicher Commercial Vehicles

PM Modi asks automotive industry to bring global best practices to India

Prime Minister Narendra Modi on Tuesday asked the automotive industry to bring global best practices to India, while also working on green and clean mobility. In a written address to the annual convention of the Society of Indian Automobile Manufacturers (SIAM), Modi said the automotive industry will drive even higher economic growth and in turn, thrive on demand growth. "As we shift gears towards our collective goal of a Viksit Bharat by 2047, I am confident that organisations like SIAM will continue to bring together all stakeholders and become a force multiplier in this mission," he said. The prime minister said the road ahead demands that the country's progress is rapid, while also being sustainable. "Working (on) greener and cleaner mobility is a vital step in this direction. It is important that this climate-conscious and sustainable vision resonates with domestic and international partners," he asserted. "Further, at this critical juncture for India and the world, it is ...

Some moderation in PV sales growth 'very natural': Hyundai India COO Garg

As car demand slows in India, dealer stock levels across the entire industry have surged to alarming heights. Garg, however, indicated that the situation is under control at HMIL

I am not against incentives on EVs, but its not my call: Nitin Gadkari

Within two years, the cost of an EV will be the same as petrol and diesel vehicles. They don't need subsidies as there already is an advantage with electric as a fuel, he says

Goyal urges auto component makers to explore investment from EFTA countries

He asked to target $100 billion worth of automobile components' exports by 2030

With 45% growth, momentum expected to continue even in 2025: Toyota

TKM's sales boom comes at a time when other car companies are seeing a slowdown amid low demand and high inventory with dealers

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