Page 39 - Auto Industry

Rush hour: Why automakers are pouring Rs 1.75 trn into their factories

One reason for the rush to increase capacity is that automakers do not want to miss the bus on electric vehicles

Auto retail sales up 9% in H1FY24; PVs, three-wheelers steal the show

Both three-wheelers and passenger vehicles witnessed their record H1 numbers during the period

Centre's panel wants car ratings tied to improved connectivity: Draft

"Most sensors do not work well in these scenarios and V2X fills the gap," it added, referring to the connected car technology commonly known as vehicle-to-everything (V2X)

Tata Motors' luxury vehicles arm JLR posts 21% rise in retail sales in Q2

Sequentially, both wholesales and retail sales increased

Sajjan Jindal's firm, SAIC Motor to take over MG Motor India: Report

There will be no JSW Group companies involved in the deal and Jindal will participate through his private company

20% cars sold in metros run on alternate fuels; sales doubled in last 3 yrs

Given the growing acceptance of hybrid and electric vehicles, the combined share of diesel and petrol vehicles has taken a hit and gone down by 8.27% and 4.64% in urban and rural markets, respectively

Tesla rival VinFast mulls setting up manufacturing plant in India

VinFast Auto became the world's third largest automaker by market capitalisation behind Tesla and Toyota in August

Won't be difficult for firms to fully give up diesel vehicles: R C Bhargava

Mahindra & Mahindra, Hyundai, Tata Motors, Toyota Kirloskar and Kia are major players in the diesel car market. Maruti stopped producing diesel-run cars in the financial year 2019-20

$5 bn opportunity for auto parts industry in material circularity: Report

Business practice could increase companies' top line by 10-20 per cent, it says

Centre will not make six airbags mandatory for cars: Nitin Gadkari

No deadline for BS7 implementation but industry should make the transition

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).