Page 18 - Auto Sector

Govt yet to decide on lower import taxes on EVs as local cos resist Tesla

India's domestic automakers are concerned about the possibility of Tesla entering the market - and government plans to give incentives to Tesla and other global carmakers

BMW Group India races to new peak in record year for luxury car sales

Govt should rationalise duty structure if it wants faster adoption of new technologies: India head Pawah

Domestic two-wheeler sales zoomed 9% in 2023 fuelled by rural demand uptick

The 2023 sales are still much below the pre-pandemic peak observed in 2018 when 21.645 million units of two-wheelers were sold

Tata Motors begins production at new Sanand plant acquired from Ford

The new facility is spread over 460 acres and is adjacent to Tata Motors' existing passenger vehicle facility in Sanand

Super sports car segment in India to grow by 30% in '24: McLaren Automotive

British luxury carmaker McLaren Automotive on Friday said it is expecting the super sports car segment in India to register 30 per cent growth this year. McLaren is also looking to deliver about 20-odd cars to customers in India after witnessing a blip last year owing to supply chain issues. Earlier the company, which entered the Indian market in November 2022, unveiled its super sports car the 750S, priced at Rs 5.91 crore. Built at the McLaren Composites Technology Centre (MCTC) in Yorkshire, UK and imported as a completely built unit, 750S is the lightest and most powerful series-production from the company, achieving 0-200kms/hour in 7.2 seconds (Spider 7.3 seconds), as per the company. "This segment (the cars, which are priced upwards of Rs 4-5 crore) has also seen a healthy growth last year. I think post-Covid, 2021 was kind of a startup year (from the volume's perspective) and then 2022 was a good year. "While the year 2023 was better and we're thinking 2024 will be still .

Auto-tech solutions firm CarDekho Group expects 60% growth in 2024

"After maintaining a growth rate of over 60 per cent in the last three years, the Group projects similar favourable growth in the upcoming year," said the company

Trade department backs lower tax on hybrid vehicles in green push

India's combined sales and additional taxes on hybrid vehicles sales are as high as 43%, based on the size of the car, compared with the highest rate of 50% imposed on petrol and diesel cars

Honda expands capacity to 1.97 mn units in scooter-only plant in Gujarat

Prior to this expansion, the plant had a capacity to produce 1.3 million units a year of scooter models like the Activa, Dio, Activa 125, Dio 125, etc

VinFast's India entry: Tamil Nadu plant may start EV production by 2026

The money for the plant will come from the planned optimisation of its capital expenditure in 2024 and 2025, which will help save over $400 million of cash

Bajaj Auto board approves Rs 4,000 cr share buyback at Rs 10,000 apiece

The company will be buying 4 million shares via the tender route, representing 1.41 per cent of Bajaj Auto's outstanding shares

Jupiter Wagons bags contract to make double-decker automobile carriers

Mobility solutions provider Jupiter Wagons on Friday said it has secured a "significant" contract from a leading automobile maker for manufacturing four rakes of double-decker automobile carrier worth around Rs 100 crore. These automobile carrier Wagons will be able to carry SUVs on the bottom and top deck and come with a number of advanced technologies like articulated bogies and reduced idling time on account of sick wagon substitution, the company said in a statement. Such wagons are being introduced to the Indian Railways for the first time, considering the maximum moving dimensions, which not only suit the Dedicated Freight Corridor (DFC) but will also comply with a large section of the available national railway network, it added. "We are ready to leverage our expertise and resources to deliver these wagons, ensuring they meet the highest standards of quality and performance," said Vivek Lohia, Managing Director at Jupiter Wagons. Jupiter Wagons provides comprehensive mobilit

Audi India records 89% sales growth in 2023, the highest since 2015

As Audi India continues to expand its retail footprint, ending 2023 with a total of 64 touchpoints nationwide, the company is confident that this momentum will carry into 2024

Electric vehicle penetration likely to fall short of govt's 2030 plan

Subsidy reduction has hit industry's estimate of 1.2 mn E2W sales in FY24

No such thing as EVs vs hybrids, both sister tech: Toyota EVP Gulati

Development of more hybrid cars to assist in lowering EV development costs

Govt extends PLI scheme for auto sector by a year with 'partial amendments'

The Ministry of Heavy Industries on Monday announced the extension of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year with "partial amendments". This decision has been made after receiving the approval of the Empowered Group of Secretaries (EGoS). "In pursuance of the approval of EGoS, the Ministry of Heavy Industries has made partial amendments in the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry and Guidelines of the Scheme. These amendments, effective from the date of publication in the Official Gazette, aim to provide clarity and flexibility to the scheme," an official statement said. Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24. The disbursement of the incentive will take place in the following financial year 2024-25. The scheme also specifies that an approved applicant will be eligible for

Deadline nearing, 70% of FAME target met, 1.22 mn vehicles supported so far

The target is for more than 1.74 million electric vehicles

Maruti Suzuki's total sales dip in December; exports in 2023 all-time-high

Despite the dip in December, Maruti Suzuki's compact segment continues to have the highest share in its total sales followed by utility vehicles and vans

Almost normal: Consumer sentiment soared to near pre-pandemic levels in Nov

The World Bank reported that over 80 million Indians made their first digital transaction after the pandemic

High smallcap valuations, temper return expectations: Kotak MF CIO

In an email interaction with Abhishek Kumar, Upadhyaya says domestic-facing sectors like automotive, cement, and construction are a better bet right now as global uncertainties prevail

Honda to recall 2.5 million US vehicles over risks of fuel pump failure

To address the issue, dealers will replace the fuel pump module, free of charge, the NHTSA said