Page 16 - Auto Sector

Govt hits 79% of revised EV targets under FAME II as of February 18

Based on segments, the target achieved in electric two-wheelers is 78 per cent, for electric three-wheelers 88 per cent, and for electric four-wheelers much lower at 56 per cent

DRI initiates inquiry against Maruti Suzuki over incorrect HSN code

Maruti Suzuki India on Wednesday said the Directorate of Revenue Intelligence has initiated an inquiry against it over incorrect HSN (Harmonized System of Nomenclature) code of an imported component. In a regulatory filing, Maruti Suzuki India said it has received a communication regarding the inquiry from the Directorate of Revenue Intelligence (DRI), Hyderabad Zonal Unit, on February 20, 2024. "As perI inquiry, the imported good 'Shaft Assy Propeller' is imported under incorrect HSN code as per explanatory notes of WCO (World Customs Organisation). Also, IGST (Integrated Goods and Services Tax) has been paid on few automobile parts at the rate of 18 per cent whereas the correct IGST is 28 per cent...," the company said. The company will file a suitable reply toI, the filing said adding, that there is no major impact on financial, operation, or other activities due to this inquiry.

JSW Group, Volkswagen begin talks to set up electric vehicle joint venture

Talks with JSW came within days of the German carmaker announcing it would supply components for EVs and battery cells to Mahindra & Mahindra

EV startup Vidyut raises $10 million, aims to expand to 40 cities

Vidyut to deploy new funds to scale its new offerings include EV insurance, lifecycle management, and EV resale

40% consumers want EV range to be above 400 kms per charge: Deloitte survey

The preference for an internal combustion engine-run vehicle fell to 49 per cent in 2024 from 53 per cent in 2023. In India, the survey polled 1,000 consumers

Is 2024 the year when electric cars finally come to the automotive party?

Most of the big carmakers are eligible for PLI. It will help them reduce their costs. Carmakers also see India as a potential hub for electric car exports

6x rise in demand for women apprentices in manufacturing sector: TeamLease

Auto, electronics sectors have become gender-agnostic in apprentices' recruitment for the shop floor: TeamLease

Ola Electric slashes prices of three S1 models by up to Rs 25,000

Besides Ola Electric, several EV players such as Ather, Okaya, and Bajaj have slashed the prices of their products to make electric vehicles more affordable and accelerate their adoption in India

Commercial vehicle sales likely to enter into a downcycle in 2024-25

Volumes are expected to dip by 4-7 percent

Automotive supplier ZF Group inaugurates new manufacturing unit in TN

With an Rs 1,800 crore project outlay, ZF plans to strengthen its manufacturing presence and expansion in India with investment realization by 2030

Auto components sector growth may ease to 5-7% in FY25, says ICRA

On the EV front, there is significant opportunity. At present, only 30-40 percent of the EV supply chain is localised

In the fast lane: Retail car sales hit a record in Jan on wedding demand

Concerns persist regarding PV inventory levels, which are now within the 50-55 day range

Hero MotoCorp Q3FY24 results: Profit rises 60% to Rs 1,073 crore

Indian consumers tend to splurge during the festival period, regarded as an auspicious time for big-ticket purchases such as cars, two-wheelers and electronic goods

Declining raw material prices help to boost tyre makers' profitability

Among raw materials used by the tyre industry, Brent crude oil prices saw a 6 per cent drop year-on-year

Tax implications likely to influence Hyundai's decision to list Indian arm

Hyundai Motor is exploring an initial public offering (IPO) of its Indian unit to raise around $3 bn (at a valuation of up to $30 bn), according to sources

Kinetic relaunches iconic Luna after 2 decades in electric avatar

Luna was launched in 1972 and it went out of production in 2000

GFCL EV to invest Rs 6,000 crore in indigenous EV battery supply chain

Vivek Jain, chairman of INOXGFL Group, said the investment highlights its pivotal role in shaping the future of the EV and ESS battery industry

Hybrid vehicles seen racing ahead in auto battle on possible tax sop

Hybrids, which combine a battery with an internal combustion engine (ICE), usually petrol, are cheaper and suffer no range anxiety while boosting the overall fuel efficiency.

Only 38% of Fame 2 subsidy used so far in FY24, shows govt data

In 2023-24, according to MHI, the budgeted allocation was Rs 5,171.97 crore

Ashok Leyland Q3 results: Net profit jumps 73% to Rs 608.85 crore

The company achieved a historic high commercial vehicle volume of 1,38,416 units in the first nine months of the fiscal year