Page 38 - Auto Industry

Domestic auto industry scaling up efforts to make electric parts locally

The domestic automobile industry is scaling up efforts to enhance localisation of electronic components in order to curtail dependence on other countries, especially China, as per auto component industry body President Sunjay Kapur. In an interaction with PTI, Kapur noted that the Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM) and the Ministry of Heavy Industries are working together to achieve the target of localisation especially in electronics. He noted that there lies a great opportunity for the auto component industry with the big push towards electrification. With growth in consumption of electric vehicles, the industry is witnessing fast transformation of the auto components sector to be an integral part of the electric vehicle manufacturing supply chain. The component industry is making steady investments and acquiring technology companies. "We will have to keep localising...we as an industry are very fortu

Auto sector must enhance safety features to reduce road accidents: Gadkari

He said that many people in the age group of 18-34 young people are losing their lives due to road accidents

India aims to double auto industry size to Rs 15 trn by 2024 end: Gadkari

India is aiming to double the size of its automobile industry to Rs 15 lakh crore by the end of 2024, making it one of the world's top countries in this sector, Union Road Transport and Highways Minister Nitin Gadkari said on Wednesday. Gadkari also said that his ministry will carry out project works worth Rs 5 lakh crore next year, of which Rs 2 lakh crore will come from the government and the rest will be raised from the capital market. "Currently our automobile industry is Rs 7.5 lakh crore and we want to take it to Rs 15 lakh crore by the end of 2024, making it one of the largest automakers in the world, creating huge job opportunities," Gadkari said at a virtual session of Merchants' Chamber of Commerce and Industry. He said the majority of automobiles in the country will run on alternative fuels by 2030. "We are also working on developing alternative, clean and green fuels like bio-ethanol, bio-CNG, bio-LNG and green hydrogen," he said, adding that green hydrogen is the fuel

Castrol to pick up 7.09% stake in TVS family's Ki Mobility for Rs 488 cr

With this deal, which is Castrol's largest all-cash transaction, the firm aims to expand its presence in service and maintenance of ICE vehicles and EVs

Jeep India working on next set of portfolio for domestic market

The US marquee on Thursday launched the 2022 edition of Grand Cherokee, priced at Rs 77.50 lakh in the Indian market

Auto component suppliers to log 8-10% revenue growth this fiscal: ICRA

Auto component suppliers are expected to log an 8-10 per cent growth in revenue this fiscal driven by healthy domestic original equipment manufacturers (OEMs) and pent-up demand from the aftermarket even as headwinds persist on the exports front, credit ratings agency ICRA said in a report. For the first half of the current fiscal, the industry reported a year-on-year growth of 29 per cent, ICRA said on Monday, based on projections from 49 auto ancillaries with aggregate annual revenues of close to Rs 3,00,000 crore. The export orders have slowed down in the last few months, impacted by inflationary pressures, geopolitical tensions, and supply-chain issues. "Domestic original equipment manufacturer (OEM) demand constitutes almost 50 per cent of sales for the Indian auto component industry. This is likely to remain healthy in FY2023, with double-digit growth expected in both passenger vehicle and commercial vehicle segments," said Vinutaa S, Vice President and Sector Head at ...

Chinese carmaker BYD drives into Indian e-SUV segment with Atto 3

Atto 3 can be charged from 0 per cent to 80 per cent within 50 minutes, and it has a range of 521 km. It can reach 0 to 100 km/h acceleration in 7.3 seconds

Macro issues not impacting demand: Mercedes India CEO Martin Schwenk

With the launch of the EQB by year-end, Mercedes will have a portfolio of four EVs. It expects a fourth of its sales in India to come from electric in the next five years

PM Modi stresses on auto industry's push for greener alternatives

Those scrapping old vehicles must get discount on new purchase: Gadkari

Auto industry expects car sales on fast lane on back of new launches

Auto industry expects car sales to be on the fast lane this festive season on back of new launches and improved production but is cautiously optimistic on the road ahead once the festivities peter out

How the Right to Repair rule can cut short your visit to the service centre

The tech and auto industry expects the 'Right to Repair' policy to provide recognition to the largely unorganised third-party repairs sector through increased availability of original spares

Swapping batteries: How India is moving ahead with adoption of EVs

Across the Indian capital's dense localities, battery swapping stations are becoming a frequent site at local provision stores and small retail outlets

Two-wheeler stocks ready to roll on pick-up in mobility

The spurt in mobility after the pandemic has brightened prospects for auto companies in India, especially the two-wheelers. Take a look at the likely tailwinds for two-wheeler companies.

200 brands of electric scooters but industry shadowed by bad reputation

Despite all the attention they command, e-scooters are used for only about one one-thousandth of all trips made in the world's cities.

Electric vehicles to drive auto capex up by Rs 70,630 crore in 5 years

The auto component industry, which has traditionally relied on engine parts for the bulk of its business, is ready for the electric shift

Top headlines: Auto sector under chip shortage, GST mop-up hits record high

Here are the top headlines of the day on Monday

SIAM requests GoI to include auto spares in Line of Credit to Sri Lanka

India has recently announced $1-bn line of credit to Sri Lanka to help the country tide over the current economic crisis

Auto industry to reach pre-pandemic highs by FY2024, says FADA

FADA anticipates the auto industry to come out of the woods and reach pre-pandemic highs by FY2024

Maruti, Hyundai see dip in March sales; TaMo, Kia post highest-ever sales

The country's leading automakers Maruti Suzuki and Hyundai Motor reported a decline in dispatches to dealers in March as shortage of electronic components impacted production. On the other hand, Tata Motors, Skoda and Kia India posted their highest ever monthly wholesales last month. Toyota Kirloskar Motor said its dispatches in March were the highest in the last five years while Mahindra & Mahindra also reported a robust increase in its passenger vehicle dispatches in March. The country's largest carmaker Maruti Suzuki India (MSI) said its domestic dispatches in March declined 7 per cent to 1,43,899 units from 1,55,417 units in the year-ago period. For the full financial year 2021-22, the company posted a total sales of 16,52,653 units, a growth of 13 per cent over 2020-21. "The shortage of electronic components had some impact on the production of vehicles in FY 2021-22. The company took all possible measures to minimise the impact. As the supply situation of electronic ...

India Ratings revises auto sector outlook to 'neutral' for FY23

Domestic automobile sales volume is expected to grow 5-9 per cent year-on-year in 2022-23, after three consecutive years of decline, and is likely to fall 5-8 per cent in 2021-22: India Ratings