Page 31 - Auto Industry

Auto cos seek continued push to green mobility, infra development in Budget

The government needs to continue with favourable policies to promote green mobility while also focussing on infrastructure development at a robust pace in the upcoming Budget, according to some leading firms in the automobile space. The Union government is all set to present the interim budget on February 1. "We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles," Mercedes-Benz India MD and CEO Santosh Iyer said. The luxury car industry has a significant value contribution to the GDP and the segment aspires for a rationalised duty structure and GST on priority, he added. "Overall, we expect consistency in various policies and no surprises in the upcoming budget," Iyer stated. Luxury vehicles currently attract the top GST slab of 28 per cent with an additional cess of 20 per cent on sedans and 22 per cent on SUVs, taking

Govt yet to decide on lower import taxes on EVs as local cos resist Tesla

India's domestic automakers are concerned about the possibility of Tesla entering the market - and government plans to give incentives to Tesla and other global carmakers

Renault plans 5 new cars in next 3 years, seeks regulatory clarity

Renault is planning to launch a total of five cars -- including B plus segment sport utility vehicle (SUV), a C segment SUV and an electric vehicle (EV) -- in India in the next three years

Auto retail sales in India grew 21% in December, 11% in 2023: Fada

In the near term and short term, the outlook of auto sales remains positive, despite an anticipated slowdown in the Kharmas period from December 16 to January 15

Audi India records 89% sales growth in 2023, the highest since 2015

As Audi India continues to expand its retail footprint, ending 2023 with a total of 64 touchpoints nationwide, the company is confident that this momentum will carry into 2024

Electric vehicle penetration likely to fall short of govt's 2030 plan

Subsidy reduction has hit industry's estimate of 1.2 mn E2W sales in FY24

Bajaj Auto board to consider share buyback on Jan 8, stock jumps over 5%

Under the Securities and Exchange Board of India (Sebi) regulations, the maximum limit for a buyback is 25 per cent or less of the paid-up capital and free reserves in that financial year

PV sales surge past 4 mn, fueled by SUV demand, record December wholesales

Interest rate hikes, high base of 2023 may result in muted volume growth in 2024

Deadline nearing, 70% of FAME target met, 1.22 mn vehicles supported so far

The target is for more than 1.74 million electric vehicles

Consumers moved away from diesel vehicles in 2023; EV, hybrid sales rise

SUVs, on the other hand, are likely to grow up to 54-55 per cent from a current level of 48.7 per cent. It has already grown from 42 per cent in 2022 to nearly 49 per cent in 2023

MG Motor India posts 18% growth in retail sales at 56,902 units in 2023

MG Motor India on Monday reported an 18 per cent growth in total retail sales at 56,902 units in 2023 as compared to the previous year. In December 2023, the company's retail sales were 4,400 units, up 13 per cent from the year-ago month, MG Motor India said in a statement. The company further said with a growth of 18 per cent in 2023 it recorded the fourth consecutive year of growth. It had around 25 per cent of its total sales coming from electric vehicle (EV) models, it said. The company's flagship EV, ZS, the Comet have sold around 20,000 units till date.

We have developed an 80% biodegradable tyre: JK Tyre CMD Singhania

Average selling price of tyres will 'slightly move up', he says in interview about where industry is headed

MHI introduces amendment to automobile wheel rim quality control order

Each two-wheeler manufacturer is also permitted to import a maximum of 70,000 units of two-wheeler automotive wheel rims for manufacturing 35,000 vehicles

More than 800k EVs registered between June and December 2023; up 19% YoY

In order to increase the sale of EVs in India, the Centre notified Phase-II of FAME India Scheme for a period of five years, effective April 2019 with a total budgetary support of Rs 10,000 crore

Gujarat attracting big investments since automobile sector took off in 2009

Gujarat's automobile sector took off in 2009 when Tata Motors set up its Nano manufacturing plant in Sanand, about 50 km from Ahmedabad, and the state has been attracting some big ticket investments from both domestic and international players since then. Now, with the global shift tending towards electric mobility, the Gujarat government seeks to position itself as a leading electric vehicles (EV) manufacturing hub. To this effect, it signed an MoU with the Tata Group worth Rs 13,000 crore in June this year. The 10th edition of the Vibrant Gujarat Global Summit will be held from Jan 10 to 12, 2024 in Gandhinagar. The biennial summit serves as a platform for businesses and governments to explore investment opportunities and establish partnerships. Experts believe that future-ready infrastructure such as the Dholera Special Investment Region and the Delhi-Mumbai industrial corridor are bound to change the state's outlook in the auto sector. Ratan Tata, former chairperson of the Ta

Kia India eyes 10% growth in sales volume next year: MD & CEO Tae-Jin Park

Park, however, anticipates the overall domestic passenger vehicle (PV) sales in the industry to stay "flat" in 2024, as demand primarily exists for sport utility vehicles (SUVs)

Hero MotoCorp appoints Vivek Anand as CFO; Rachna Kumar as CHRO

The Company has appointed Vivek Anand as Chief Financial Officer (CFO) and Rachna Kumar as the Chief Human Resources Officer (CHRO)

Passenger vehicle wholesales grow 4% in November on robust demand: Siam

Domestic passenger vehicle wholesales rose by around 4 per cent year-on-year in November, driven by robust demand for utility vehicles, industry body SIAM said on Tuesday. Passenger vehicle dispatches from companies to dealers rose to 3,34,130 units last month, the best ever figure for the month of November, from 3,22,268 units in same month last year. Two-wheeler sales rose to 16,23,399 units last month, a growth of 31 per cent as compared to 12,36,282 units in November 2022. Similarly, three-wheeler dispatches also rose to 59,738 units last month, registering an increase of 31 per cent over 45,664 units in last November. "All segments of the automobile industry witnessed robust growth during the festival season which ended in the first part of November," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement. Supported by strong economic growth, the automobile industry is optimistic in ending the year 2023 on a high note and expects the tr

Ola Electric registers Rs 2,782 crore revenue in FY23, losses down 43%

The Bhavish Aggarwal-led company said that it has set in motion a few initiatives for strong growth and profitability in the near future

Kinetic's high-speed e-scooter Zulu comes with battery subscription plan

The battery subscription model is claimed to have reduced the acquisition cost by over 35 per cent and offers significant savings on running costs