Page 25 - Automakers

Top headlines: India challenges Vodafone arbitration; Flipkart rejigs board

RBI stresses on the need to fight inflation, Automakers in India are bracing for a parts shortage, and more top headlines of the day

Battery makers charged up for next leg of growth on replacement demand

Pick-up in industrial consumption, relatively benign lead prices point to improved earnings prospects

Price hikes to dampen recovery prospects for Indian automakers: Fitch

Hikes come at a time when boost in some categories from pent-up demand and festive spending fades, and the economic impact from the pandemic reasserts itself, rating agency says

Auto sales contract in November as firms enforce inventory control

Sales higher than previous year, but lower than October

Fragile recovery: Retail auto sales contradict robust wholesale numbers

While automakers reported record growth in October sales, retail figures saw a fall

Automakers agree to offer discount of 1% if old vehicle scrapped

PMO bats for incentivising scrapping, not imposing it on owners of old vehicles

Maruti, Hyundai, Tata Motors witness brisk sales during Navratri period

Leading carmakers Maruti Suzuki India, Hyundai and Tata Motors saw better retail sales during the Navratri period this year as compared with last year with pent up demand of last few months aiding the brisk offtake. Kia Motors, Toyota Kirloskar Motor, Mahindra & Mahindra and Honda Cars India also witnessed robust sales during the ten-day period (including Dussehra) which is considered auspicious for buying new things and property. The country's largest carmaker Maruti Suzuki India (MSI) reported around 27 per cent increase in retail sales at close to 96,700 units during the Navratri period thisyear. "Our total retail sales were in the range of 96,700 units this year which is more than last year, MSI Executive Director for Sales and Marketing Shashank Srivastava said when asked about sales during the Navratri period. The auto major had retailed around 76,000 units in the same period last year. Similarly, Hyundai Motor India said it retailed 26,068 units during the period, an ...

Maruti Suzuki says 'no immediate need' for govt to cut taxes on cars

Some automakers have been pushing the government to temporarily reduce tax rates on cars by 10% to boost sales after the coronavirus pandemic brought economic activity to a standstill

Explained: Why premium carmakers focus on entry-level offerings in India

Automakers are caught in a peculiar chicken-and-egg situation: Prices have to come down if volumes are to increase and volumes won't increase unless prices come down

Skoda Auto Volkswagen India exports over 25,000 cars in current year so far

The European car major started exports of its vehicles from India in 2010 with 65 units of the India-built Volkswagen Vento for the South Africa market

Covid impact: Global automakers pin hopes on China's recovery by 2022

The world's biggest car market since 2009, China can still grow for the foreseeable future because of its relatively low penetration and expanding middle class

Automakers should cut royalty payments to foreign parent firms: Official

Indian carmakers should reduce royalty payments to foreign partners to bring down costs instead of seeking tax cuts, a finance ministry official said on Thursday

Rising sales numbers not a reflection of ground reality, say auto dealers

Dealers say that with more job cuts and salary reduction, banks and NBFCs have become more cautious

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

Royalty, technical fee cost Indian units of global auto majors Rs 8,000 cr

The amount is equal to nearly 4% of their combined net sales

Automakers expect demand to pick up in festive season despite Covid-19

If Covid-19 situation improves, it would lead to improved sales and if somehow the scenario deteriorates then the sales would also be impacted, Srivastava noted

Commercial vehicle makers to incur Rs 6,000 cr net loss this fiscal: Report

CV makers were already hit by new overloading norms and a slowing economy when the Covid-19 pandemic arrived and sales volume had fallen 29% in the fiscal year ended March 2020

Auto manufacturers let go of contractual workers as slowdown bites

Availability of jobs at India's auto companies has shrunk significantly over the last two years, as the industry goes through one of its worst slowdowns

Another lockdown will hit automakers hard, affect capex plans: CARE Ratings

Several state governments have been announcing lockdown again in select areas for different time periods to check the Covid-19 pandemic

India's auto sales volume will take 3-4 years to recover: Industry body

Nifty auto index, which tumbled nearly 11 per cent in 2019, crashed over 31% in March