Page 46 - Auto Industry

Hyundai misses mkt estimates, posts qtrly loss as engine snag hit earnings

The automaker said it booked 2.1 trillion won to cover charges related to engine defects that increased the risk of stalling and fire

Out of the driving seat

We may have to wait till 2022-23, or even 2023-24 before sales climb back to the levels attained in 2018-19 and, as mentioned above, even those numbers were not inspiring

Auto dealers looking at rationalisation of infrastructure, manpower: FADA

Kia Motors and Toyota Kirloskar Motor met expectations of their dealers better than other companies in the passenger vehicle segment during the Covid-19 lockdown, FADA said

At up to 50%, cars in India suffer among the highest tax rates globally

Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%

Tax, high interest rates hurdles for growth of auto industry: Force Motors

The company, which makes commercial vehicles under the Traveller brand and utility vehicle Trax, said the situation calls for a very detailed and thorough reform

Suzuki Motor ups stake in Maruti to 56.37%, buys 284,322 equity shares

Prior to the transaction, Suzuki held a 56.28 per cent stake in Maruti Suzuki

Auto sector can emerge as global hub, mustn't waste chance: Pawan Munjal

The COVID-19 pandemic presents an opportunity for the Indian automobile and components sector to become a global hub, thereby helping the country become self-reliant and such a chance must not be wasted, Hero MotoCorp CMD and CEO Pawan Munjal said on Saturday. Speaking at the annual session of Auto Components Manufacturers Association of India (ACMA), Munjal said the auto sector can also lead the way for other industries in India in responding to Prime Minister Narendra Modi's "clarion call" for Aatmanirbhar Bharat. "The silver lining in this pandemic is the Honorable Prime Minister's clarion call and push for an Aatmanirbhar Bharat -- I believe that going forward we, and our sector can be the growth engine for bringing alive Atmanirbhar Bharat, a self-reliant India, by all of connecting, communicating and collaborating on multiple fronts such as innovation, engineering and R&D," Munjal said. Stating that India's biggest advantage and key asset is its unique position of "having ...

Covid-19 impact: Govt looking at GST rate cut for automobile sector

The government is likely to include auto components under the production linked incentive (PLI) scheme and evaluate local content and bring in value addition to automobile companies

India open to raising duties on auto imports to boost local production

Modi government wants companies to reduce imports, increase domestic production and play a bigger role in the global supply chain in an effort to make the country more self-reliant

Top headlines: Japan to support firms moving to India, SC rejects exam plea

From Japan subsidising manufacturing firms moving to India or Bangladesh from China to IndiGo planning to shelve planned QIP if travel picks up, here are the top headlines of the evening

Auto industry not in position to make investments for new norms: SIAM

SIAM also noted that government support was required to pursue the targets set under the Automotive Mission Plan 2026 (AMP 2026)

A Covid-19-hit auto industry pitches for incentives to revive demand

At SIAM's 60th annual conclave, the industry body's president blamed the sales slump on an overdose of regulations, liquidity issues and a slowing economy

Steel Strips Wheels bags orders worth $455,000 from US, European Union

The company said orders of similar capacity are anticipated from the same customer base as businesses have picked up speed

Auto majors hold steady on EV plans as pandemic wrecks ICE market

Encouraged by demand pick-up in the past few months, most are going ahead with their planned investments and models

Govt should announce special stimulus package for auto industry: Bosch

Govt should come up with a special stimulus package for the domestic automobile industry in order to revive the segment which is expected to de-grow in the current financial year as well, Bosch said

Biz Buddy: Tamil Nadu's faceless grievance redress mechanism for industries

A first of its kind in India, Tamil Nadu's Biz Buddy is an industry helpdesk that facilitates monitoring and time-bound resolution of issues

Lower GST will help entire auto supply chain: TVS Motor's Sudarshan Venu

Govt would look into the auto industry's demand for lowering the tax rate on two-wheelers, said Sitharaman

Piyush Goyal deliberates on ways to reduce imports in auto sector

Commerce and Industry Minister Piyush Goyal on Thursday held a meeting with various industry associations to discuss ways to reduce imports in the automobile industry

Volkswagen cuts dividend as profits evaporate in pandemic sales slump

Volkswagen cut its dividend proposal for 2019 to 4.80 euros per ordinary share

Symbiosis, the need of the hour

The industry has been engaged in a dialogue with the Union government on a specific set of fiscal measures that would be required to revive demand