Page 22 - Auto Sector

Olectra Greentech Q3 results: Net profit rises 77% to Rs 27.11 cr

Electric vehicles maker Olectra Greentech on Monday reported a 77 per cent rise in its net profit to Rs 27.11 crore for the December 2023 quarter on the back of higher revenues. "The PAT (net profit) stands at Rs 27.11 crore (in the October-December quarter), compared to Rs 15.30 crore in the previous fiscal year up by 77 per cent," a company statement said. Its revenue surged 33 per cent in Q3 FY2023-24 to Rs 342.14 crore, it said, adding that the significant revenue growth was recorded due to higher deliveries. The company has delivered 1,615 electric vehicles to date. Strong demand continues with the total number of bus orders on hand at 8,088 units, it added. During the quarter under review, Olectra delivered 178 electric vehicles, against 142 in 2022-23, an increase of 25 per cent. Olectra Greentech Managing Director KV Pradeep said, "We are pleased to report strong growth in our consolidated revenue and profitability for the Q3 and 9 Months FY23-24. Our focus continues on ..

Ola unveils e-bike service in Delhi, Hyderabad; plans 10K EVs across cities

The company plans to deploy 10,000 e-vehicles across Bengaluru, Delhi and Hyderabad over 2 months

Mercedes-branded $1 billion tower is Dubai's latest bet on super rich

Last year, Binghatti broke ground on a tie-up with Bugatti Automobiles SAS on a project that will include elevators to transport cars to penthouses

Loans for purchasing cars a rising trend in India, finds Jato Dynamics

Fleet sales, which comprise car sales to companies, organisations, and government entities that own a fleet of cars, have also seen a significant increase

Bajaj Auto Q3 net profit up 38% at Rs 2,032 cr on good domestic biz

No.3 in electric 2-wheeler market riding on Chetak, clocks 10K units-pm volumes

TVS Motor Q3 net profit up 59% to Rs 479 cr amid rise in two-wheeler sales

During the quarter under review, the company's revenue from operations increased by 25 per cent to Rs 10,113.94 crore, while it was seen at Rs 8,066.13 crore during the third quarter of 2022-23

Result preview: Auto Inc may ride on strong revenue growth in Dec qtr

Prabhudas Lilladher expects the companies under its coverage to report an aggregate revenue growth of 20 percent YoY (including Jaguar-Land Rover) and 16 percent (excluding JLR)

Ather Energy announces its new family-oriented electric scooter 'Rizta'

Despite the shift towards a family-centric approach, Mehta assured customers that the Rizta will uphold the quality and reliability synonymous with the Ather brand

Ford reduces production of F-150 Lightning pickup truck as EV demand slows

The announcement is the latest sign of softening demand for EV trucks. General Motors in October postponed the opening of a $4 billion electric truck plant in Michigan for a year

Retrofitting saves 29% for buses, 24% for trucks compared to new EVs

According to the findings, retrofitting extends the lifespan of vehicles by 8-10 years and offers a faster payback compared to new electric vehicles (EVs)

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