Page 2 - Automobile Dealers

Landmark Cars IPO receives 17% subscription on first day of offer

The initial public offer of automobile dealership chain Landmark Cars received 17 per cent subscription on the first day of offer on Tuesday. The IPO received bids for 14,04,383 shares against 80,41,805 shares on offer, as per data available with the NSE. The category meant for non-institutional investors received 39 per cent subscription, while Retail Individual Investors (RIIs) got subscribed 17 per cent. The Initial Public Offer (IPO) has a fresh issue of up to Rs 150 crore and an offer for sale of up to Rs 402 crore aggregating up to Rs 552 crore. The IPO has a price range of Rs 481-506 a share. Proceeds from fresh issuance will be utilised for payment of debt and general corporate purposes. TPG-backed Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. Shares of the firm will be listed on the BSE and NSE. Axis Capital and ICICI Securities are the managers to the offer.

Not worried about being late in launching e-scooter: Yamaha India Chairman

Eishin Chihana tells Business Standard that his company wants to ensure quality and safety first

Rising gas prices constrain CNG penetration in commercial vehicles: Icra

Rising gas prices have constrained CNG penetration in commercial vehicles to 9-10 per cent in the current fiscal from peaks of 16 per cent, Icra Ratings said on Friday. A spurt in global energy prices has led to a 70 per cent jump in the price of CNG in the last one year. This has narrowed the gap between the fuel and diesel, blurring the incentive to shift to the cleaner fuel. In a statement, the rating agency said CNG penetration in the domestic commercial vehicle (CV) sector has witnessed a decline in the current fiscal, especially in the MCV truck segment. "Rising CNG prices have narrowed the gap with diesel and in turn, diminished the running cost savings from CNG vehicles, which has been the key deterrent," it said. Notwithstanding the recent decline witnessed in CNG penetration, medium-term prospects remain favourable given the improving CNG fuelling infrastructure and push for cleaner vehicles, it added. Icra said CV industry has witnessed a contraction in the penetration

Luxury carmaker Audi to hike vehicle prices by up to 1.7% from January

Luxury carmaker Audi on Wednesday said it will increase prices of its model range by up to 1.7 per cent, with effect from January 1, 2023. The company said it is hiking the prices due to an increase in input and operational costs. "The primary objective of the company's business strategy focuses on a model that begets profitability and sustainability. The price correction is affected as a result of the rising supply-chain-related input and operational costs," Audi India Head Balbir Singh Dhillon said in a statement. The new price range for the company models is directed at maintaining the premium price positioning of the brand, ensuring sustainable growth of both the automaker and its dealer partners, he added. Audi India's current line-up includes the petrol-powered A4, A6, A8 L, Q3, Q5, Q7, Q8, S5 Sportback, RS 5 Sportback, and RSQ8. The electric vehicle portfolio under the e-Tron brand comprises the e-Tron 50, e-Tron 55, e-Tron Sportback 55, e-Tron GT and RS e-Tron GT. Mainstr

Suzuki Motor sees Indian PV market at 7-8 mn by 2030, Maruti aims 50% share

Pre-Covid it had predicted that the market would reach 10 million

Passenger vehicle makers to spend Rs 65,000 cr on capacity expansion: Icra

Higher production is to cumulatively jack up overall capacity utilisation rate in PV industry to 74% by FY23-end from 59% in FY22

Ola Electric on track to open 200 experience centres by end of 2022

The experience centres will enable customers to touch and feel Ola scooters, clarify their queries, and avail support both before and after purchase

Jaguar Land Rover cuts UK production on chip shortages: Report

The loss-making manufacturer, owned by India's Tata Motors, will cut production of the Range Rover Velar and Jaguar F-Pace models that are made in Solihull

Castrol to pick up 7.09% stake in TVS family's Ki Mobility for Rs 488 cr

With this deal, which is Castrol's largest all-cash transaction, the firm aims to expand its presence in service and maintenance of ICE vehicles and EVs

Pre-owned segment likely to narrow value gap with new cars by FY27: Study

Shift to UVs from sedans, vans, and small cars to drive the trend

Ather Energy takes on Ola, Okinawa, opens second manufacturing facility

Firm is in also in talks with various state govts to set up a third plant, which when completed, is likely to have a capacity of a million units a year

Ola Electric to charge up capacity to 4 mn; may roll out e-cars from 2024

Ola Electric plans to eventually have the capacity to produce 10 mn two-wheelers, 1 mn cars

Jaguar Land Rover looks to hire laid off tech workers, says report

The carmaker on Friday announced a jobs portal for displaced tech workers to fill 800 roles

Bajaj Auto eyes south east Asia to take e-scooter space by storm

Bajaj's presence in this market in ICE vehicles has been limited till now because the region is essentially a step-through two-wheeler and scooter market

Brokerages see margin expansion at auto firms as outlook turns positive

Higher volumes and softer raw materials to drive expansion

Hatchback sales lose momentum in India due to changing consumer preference

Hatchbacks like WagonR and Alto have seen a decline during the past few years due to changing consumer preference

Ashok Leyland may dilute 15% stake in Switch Mobility, raise up to $250 mn

The company is raising the funds for a new plant planned in Spain

Toyota Kirloskar forays into CNG segment; introduces 2 new models

Toyota Kirloskar Motor on Wednesday announced its foray into the CNG segment with the launch of Glanza and Urban Cruiser Hyryder trims with the environment-friendly powertrain. The two CNG trims of Glanza are priced at Rs 8.43 lakh and Rs 9.46 lakh respectively. The company, however, did not disclose the price of Urban Cruiser Hyryder CNG variants. Toyota Kirloskar Motor (TKM) Associate Vice President, Sales, and Strategic Marketing, Atul Sood said that being a customer centric company, the automaker believes in placing customers' interest at the forefront. "Our goal at Toyota has always been to serve the market needs with a clear focus on customers' aspirations, and by providing the most viable products and services to our customers. "With the same vision in mind, we are delighted to announce our foray in the CNG segment, driving in CNG variants for two of our much sought-after offerings, the Toyota Glanza and the Urban Cruiser Hyryder," he noted. With the latest addition, the .

Maruti's share in Suzuki's sales revenue jumps to a 7-year high

Suzuki holds a 56.37 per cent stake in Maruti Suzuki

Hero MotoCorp partners with Terrafirma Motors to enter Philippines

Two-wheeler maker Hero MotoCorp on Wednesday announced its plans to enter the Philippines for which it has partnered with Terrafirma Motors Corporation for assembly and distribution of its vehicles. A part of the Columbian Group of Companies, Terrafirma Motors Corporation (TMC) will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in the Philippines, the company said in a regulatory filing. TMC will set up an assembly facility of 29,000 square metres in its existing principal manufacturing facility situated in Laguna City and will start its operations in the second half of fiscal year 2024, it added. "In keeping with our R4 (recalibrate, revitalise, revolutionise and revive) strategy, we are always keenly exploring new opportunities in global markets. Our partnership with Terrafirma Motors Corporation to enter the Southeast Asian region is an integral part of this expansion strategy," Hero MotoCorp Head of Global Business Sanjay Bhan said. TMC Chairman ...