Page 36 - Auto Industry

Nitin Gadkari moots extra 10% GST on diesel vehicles, then clears air

Stocks of auto companies take a hit

Honda launches new SUV Elevate priced at Rs 10.99L to reach H2 target

Honda had unveiled Elevate in June and opened bookings then. For some variants, the SUV already has a waiting period of as long as 5-6 months

CSM Tech, IIT-M to build autonomously driven electric race car by 2025

CSM Tech is backing Raftar, a motorsports team run by the students of IIT Madras, which has won the Formula Bharat thrice, more than any other peer

US auto sales to rise in August on increased vehicle supply, strong demand

For 2024, global light-vehicles sales are expected at 90.2 million units

PNB, Tata Motors Finance sign agreement to co-source commercial vehicles

Punjab National Bank (PNB) on Thursday said it has signed a memorandum of understanding with Tata Motors Finance Solutions for co-sourcing of commercial vehicles. The co-sourcing arrangement will provide simple and seamless financing solutions to fleet owners and commercial vehicle operators while expanding and scaling MSME businesses across geographies, PNB said in a statement. The memorandum of understanding was signed by PNB Managing Director Atul Kumar Goel and Tata Motors Finance Solutions Ltd MD Samrat Gupta.

M&M expects to produce 200K EVs from upcoming Chakan plant by 2029: Nakra

Mahindra & Mahindra expects electric vehicle production at its upcoming plant in Chakan in Maharashtra to hit peak production mark of 2 lakh units per annum between 2027 and 2029, according to company President -Automotive Sector Veejay Nakra. The company estimates that EVs would account for 30 per cent of the overall volumes by 2030. In January this year, the auto major received an approval from the Maharashtra government to set up a Rs 10,000-crore electric vehicle plant in Chakan near Pune. The company, through its subsidiary, will make this investment over a period of 7-8 years for setting up the manufacturing facility, development and production of its upcoming Born Electric (BE) models. "We are looking at doing a number of 2 lakh units (at Chakan plant) between 2027 and 2029," Nakra said here. The first product under the BE range is expected to hit the markets by end of next year and the production at Chakan plant is expected to begin 4-5 months prior to that, he ...

Hero MotoCorp misses Q1FY24 profit view on reduction in sales volume

India's largest motorcycle maker Hero MotoCorp on Thursday missed first-quarter profit estimates, hurt by a drop in sales volume

Assurance International unveil new range of filters, batteries in India

Assurance Intl Limited, under the official licensing collaboration with The Goodyear Tire & Rubber Company, on Thursday unveiled a new range of filters and batteries. The range will be manufactured, marketed, sourced and distributed in India as well as in South Asia, Southeast Asia, Australia and New Zealand markets. "Expected to launch at the end of August 2023, the filters and batteries product line will cater to the needs of multiple vehicles," Assurance Intl Limited said in a statement. Incorporating the latest technology, the batteries will offer increased power, longer life cycles and superior charging efficiency, it added. The company said it plans to expand its distribution and provide after-sales assistance to consumers in Australia, Bangladesh, Bhutan, Brunei, India, Indonesia, Laos, Malaysia, Maldives, Myanmar, New Zealand, Nepal, Pakistan, Singapore, Sri Lanka, Thailand, Timor Leste and Vietnam markets. Assurance Intl CBO Sanjay Sharma said the company is looking at a

Profit at Japan's Honda doubles on healthy global cars, motorcycle sales

Honda reported Wednesday that its April-June profit more than doubled on healthy sales of its motorcycles and cars, as the Japanese company also received a perk from favorable exchange rates. Honda Motor Co. said its fiscal first quarter profit totaled 363 billion yen ($2.5 billion), up from 149 billion yen. Quarterly sales jumped 21% to 4.6 trillion yen ($32 billion). Honda's financial service division also reported growing sales. Honda, which makes the Fit subcompact, Honda e electric car and Gold Wing motorcycle, said its profitability improved, especially in North America, where production recovered. Automakers around the world were slammed by supply shortages because of production delays related to social restrictions caused by the COVID-19 pandemic. But such restrictions have eased, allowing production to pick up again. Auto sales were about the same in Japan in the latest quarter as in the previous year, while dropping significantly in China because of intense competition f

Hyundai Motor India bags over 50,000 bookings for micro SUV Exter

Hyundai Motor India on Wednesday said it has bagged over 50,000 bookings for its recently launched entry-level SUV Exter. The company had launched the model in India on July 10. "This SUV has redefined benchmarks in the country and offers customers superior safety with six airbags as standard..the response to Exter is euphoric, so much so that the bookings have zoomed from 10,000 pre-launch to 50,000-plus in less than 30 days of launch," Hyundai Motor India COO Tarun Garg said in a statement. The trims with sunroof constitute more than 75 per cent of total bookings signalling a big thumbs up from the customers for the segment raising benchmark features introduced in the Exter, he added. The Exter, which comes with 20 first in segment features, is priced between Rs 5.99 lakh and Rs 9.99 lakh (ex-showroom).

Auto retail sales up 10% in July; three-wheelers at record pace: Fada

Month-on-month, sales down for all vehicle categories, except three-wheelers, mainly due to rains

Maruti 3.0: To add 2 mn units per annum capacity in 9 yrs, says RC Bgargava

Maruti Suzuki India is kicking off 'Maruti 3.0' targeting to add another 20 lakh units production capacity in nine years with about 28 different models in the market by FY31, according to the company's Chairman R C Bhargava. As SUV sales continue to gain momentum in India with no prospects of demand for the smaller entry-level car market recovering to the growth rates of the past, the company, known for its small cars, is now restructuring its production facilities to "conform to the realities and what we are projecting for the future", he said in his address to the company's shareholders in the Annual Report for 2022-23. Bhargava also said while the Indian car industry is not expected "to grow in double digits, like what happened in China in the past, we do expect that a 6 per cent growth rate will be maintained till FY 2030-31". Highlighting the steps taken by the company to meet future demand, he said, "What is now being planned can be said to be the start of 'Maruti 3.0'. Our ..

Indian auto industry is driving sustainable mobility through 6 initiatives

Companies have demonstrated the sector's commitment to the country's green growth

Ford recalls 870K F-150 pickups in US, parking brakes turn on unexpectedly

Ford is recalling more than 870,000 newer F-150 pickup trucks in the US because the electric parking brakes can turn on unexpectedly. The recall covers certain pickups from the 2021 through 2023 model years with single exhaust systems. Ford's F-Series pickups are the top-selling vehicles in the US. The company says in documents posted by government safety regulators on Friday that a rear wiring bundle can come in contact with the rear axle housing. That can chafe the wiring and cause a short circuit, which can turn on the parking brake without action from the driver, increasing the risk of a crash. Drivers may see a parking brake warning light and a warning message on the dashboard. Ford says in documents that it has 918 warranty claims and three field reports of wire chafing in North America. Of these, 299 indicated unexpected parking brake activation, and 19 of these happened while the trucks were being driven. The company says it doesn't know of any crashes or injuries caused b

Volkswagen takes steps to boost China biz as 1st-half earnings fall by 20%

Volkswagen saw after-tax earnings fall by 20 per cent in the first half of the year, to 8.5 billion euros (USD 9.45 billion), as the automaker tries to engineer a rebound in China. The decline from the same period last year was due in part to a 2.5 billion euro non-cash loss on raw materials hedging in financial markets. Companies use such market strategies to offset risk and insure themselves against rapid changes in the prices of raw materials. Volkswagen said operating earnings, excluding the hedging effect, rose 13 per cent to 13.9 billion. Chief Financial Officer Arno Antlitz said the company achieved solid financial results in the first six months of the year and that with changes in the China business, we will improve the competitive business of the Volkswagen Group even further. The company said its business in Western Europe was strong, given an order book of 1.65 million vehicles, including 200,000 battery-only electric cars, demonstrating stable customer demand. Volksw

Royal Enfield's Hunter 350 crosses the two lakh sales mark in 11 months

Hunter 350 crossed two lakh sales in less than a year since its launch last year. The Hunter 350 is the most affordable and compact bike from Royal Enfield, priced from Rs 1.50 lakh to Rs 1.75 lakh

Ashok Leyland embarks on cross-country expedition marking 75th anniversary

Commercial vehicle manufacturer Ashok Leyland has embarked on a 'Dream Drive' expedition that would cover cities and dealerships across the country marking its 75th anniversary celebrations, the company said on Monday. As many as 10 vehicles would be traversing across cities including Bengaluru, Mumbai, Leh, Kolkata, Dibrugarh, on five different routes commemorating the occasion. The Hinduja Group company is headquartered in Chennai. "As we embark on the 'Dream Drive' to mark the 75th year anniversary celebrations of Ashok Leyland, we reflect upon the journey that has run parallel to the development of our nation," company executive chairman Dheeraj Hinduja, who flagged off the event on Sunday, said in a company statement. "The 'Dream Drive' represents our renewed pledge to further shape the future of the CV industry to support India's economic development for years to come," he added.

India's electric vehicle revolution has already begun, says Nitin Gadkari

Union minister of road transport and highways Nitin Gadkari spoke to Nivedita Mookerjee in a fireside chat to talk about the road ahead for EVs

Bharat NCAP right step to encourage production of safe cars: Auto Cos

Auto majors Mahindra & Mahindra, Maruti Suzuki and Toyota have termed the upcoming Bharat New Car Assessment Programme (BNCAP) as a bold step in the right direction for the domestic industry. While welcoming the initiative, the automakers noted that it would encourage the production of safer cars in the country. "We at Mahindra believe it is one of the bold steps by the Ministry of road transport and we welcome the implementation of Bharat NCAP," Mahindra & Mahindra President, Automotive Technology and Product Development Velusamy R told PTI. This initiative of MoRTH will generate equal opportunities and create healthy competition among OEMs to make safer models for Indian customers, he added. "It is also expected that the government should give some benefits to OEMs that make safer cars to encourage them to continue to do so. This will encourage OEMs to make their cars much safer and offer them to Indian customers at reasonable prices," Velusamy R stated. Maruti Suzuki India .

Results preview: Price hikes, lower input costs to aid auto firms' Q1

Most auto OEMs have increased their prices in the past few months and analysts feel that higher average selling price on a YoY basis would aid margins