Page 30 - Auto Industry

DRI initiates inquiry against Maruti Suzuki over incorrect HSN code

Maruti Suzuki India on Wednesday said the Directorate of Revenue Intelligence has initiated an inquiry against it over incorrect HSN (Harmonized System of Nomenclature) code of an imported component. In a regulatory filing, Maruti Suzuki India said it has received a communication regarding the inquiry from the Directorate of Revenue Intelligence (DRI), Hyderabad Zonal Unit, on February 20, 2024. "As perI inquiry, the imported good 'Shaft Assy Propeller' is imported under incorrect HSN code as per explanatory notes of WCO (World Customs Organisation). Also, IGST (Integrated Goods and Services Tax) has been paid on few automobile parts at the rate of 18 per cent whereas the correct IGST is 28 per cent...," the company said. The company will file a suitable reply toI, the filing said adding, that there is no major impact on financial, operation, or other activities due to this inquiry.

EV startup Vidyut raises $10 million, aims to expand to 40 cities

Vidyut to deploy new funds to scale its new offerings include EV insurance, lifecycle management, and EV resale

TVS Supply Chain Solutions extends contract with Rolls-Royce for 5 years

The partnership extension is for the state-of-the-art Parts Distribution Centre (PDC) in Singapore serving the Asia Pacific markets for Rolls-Royce's Power Systems business unit

40% consumers want EV range to be above 400 kms per charge: Deloitte survey

The preference for an internal combustion engine-run vehicle fell to 49 per cent in 2024 from 53 per cent in 2023. In India, the survey polled 1,000 consumers

Is 2024 the year when electric cars finally come to the automotive party?

Most of the big carmakers are eligible for PLI. It will help them reduce their costs. Carmakers also see India as a potential hub for electric car exports

Ola Electric slashes prices of three S1 models by up to Rs 25,000

Besides Ola Electric, several EV players such as Ather, Okaya, and Bajaj have slashed the prices of their products to make electric vehicles more affordable and accelerate their adoption in India

Commercial vehicle sales likely to enter into a downcycle in 2024-25

Volumes are expected to dip by 4-7 percent

Passenger vehicles wholesales grow 14% in Jan, retail catches up

'Positive consumer sentiment' leads to best number for that month, says SIAM

Automotive supplier ZF Group inaugurates new manufacturing unit in TN

With an Rs 1,800 crore project outlay, ZF plans to strengthen its manufacturing presence and expansion in India with investment realization by 2030

Auto components sector growth may ease to 5-7% in FY25, says ICRA

On the EV front, there is significant opportunity. At present, only 30-40 percent of the EV supply chain is localised

Red Sea crisis disrupts Audi India's supply chain, firm eyes recovery soon

The situation in the Red Sea is creating supply chain issues for German luxury carmaker Audi, impacting car deliveries to customers in India in the first quarter but recovery is expected in the coming months, according to a senior company official. With electrification on its primary agenda, the company is also evaluating the possibility of assembling electric cars in India, Audi India Head Balbir Singh Dhillon told PTI. "We are also challenged from time to time by various factors. Very recently because of the Red Sea situation there is a supply chain constraint that we're facing in the quarter one of 2024. It is challenging for us in the first quarter but we expect to recover in the coming months," he said. Dhillon was responding to a query on outlook and challenges in 2024. Deliveries to customers for certain models at present have been delayed by a few weeks, he noted. Container vessels have been facing attacks in the Red Sea, one of the most important trade routes in the world

Growth momentum to continue amid positive economic scenario: JK Tyre

JK Tyre expects demand momentum to continue for the tyre industry in the medium to long term, with the automobile industry set to grow amid a positive economic environment, according to a top company official. In an interaction with PTI, JK Tyre & Industries MD Anshuman Singhania expressed hope that the tyre maker would also continue to witness momentum in its top line and profitability. For the third quarter ended December 2023, the company reported a three-fold increase in its consolidated net profit to Rs 227 crore. Its revenue from operations rose to Rs 3,688 crore for the October-December period against Rs 3,613 crore in the year-ago period. "We are very optimistic in terms of the medium to long-term demand, which is coming in. We are seeing that private sector capex cycles have really started to kick in," Singhania said. There is an increase in disposable incomes, which is leading to positive buying sentiments, he added. "So, in all, we see that the economy is going to be i

Hero MotoCorp Q3FY24 results: Profit rises 60% to Rs 1,073 crore

Indian consumers tend to splurge during the festival period, regarded as an auspicious time for big-ticket purchases such as cars, two-wheelers and electronic goods

Declining raw material prices help to boost tyre makers' profitability

Among raw materials used by the tyre industry, Brent crude oil prices saw a 6 per cent drop year-on-year

Tax implications likely to influence Hyundai's decision to list Indian arm

Hyundai Motor is exploring an initial public offering (IPO) of its Indian unit to raise around $3 bn (at a valuation of up to $30 bn), according to sources

Kinetic relaunches iconic Luna after 2 decades in electric avatar

Luna was launched in 1972 and it went out of production in 2000

Govt, industry discuss ways for successful implementation of PLI schemes

Senior government officials and industry players have discussed ways to enhance collaborations and create a clear action plan for successful implementation of PLI schemes, an official statement said on Sunday. Around 1,200 delegates including beneficiary companies under the PLI (production linked incentive) scheme for 14 sectors and officials met on February 3 to discuss and chart out the strategy for effective and seamless implementation of these schemes, the commerce and industry ministry said. Officials from ministries and departments, including NITI Aayog, electronics, IT, telecommunications, heavy industries, renewable energy, and pharmaceuticals, participated in the discussions. The opening session was followed by two interactive sessions covering all the 14 sectors, with the objective of exploring areas of collaboration between the government and industry champions and creating a clear action plan for successful implementation of PLI Schemes. "The opening session was followe

Automakers post highest ever monthly passenger vehicle wholesales in Jan

The preceding peak occurred in October 2023, with domestic sales by automakers reaching 391,811 units in India during the festive period

Maruti Suzuki Q3 results: PAT up 33% at Rs 3,207 cr amid high SUV sales

The company sold 501,207 units in the third quarter of this year, which was 7.6 per cent more than in the corresponding period of the last financial year

India should not cut customs duty on auto sector in any pact: GTRI

India should not cut import duties for the automobile sector under free trade agreements (FTAs) with countries like the UK as it will adversely impact the sector and may result in closure of companies here, economic think tank GTRI said in a report on Wednesday. The Global Trade Research Initiative (GTRI) said India has not given tariff or duty reductions for cars in its free trade agreements with ASEAN (Association of Southeast Asian Nations), Japan, and Korea. "Do not cut auto (including electric vehicles) tariffs through FTAs. This will adversely impact auto majors who have invested billions of dollars in India and force them to wind up," it said. It added that there is no reason to offer these concessions to the UK either, as the UK mostly assembles cars with parts imported from the EU (European Union), and China. It said if India offers duty concessions to the UK, it might face pressure to do the same for other free trade agreement partners like Japan and Korea. "This could l