Page 16 - Automobile Industry

Automobiles, auto component companies score low on PLI scheme in FY24

The government has budgeted Rs 25,938 crore for five years as PLI for this sector

Auto industry has to be 'well balanced' on EV investments: Kia India CEO

Indicating that Kia's current focus remains on the electric car market, he mentioned that the company's first mass-market electric car-scheduled to be launched next year-will be a mid-sized SUV

Delhi CM approves incentive scheme to promote scrapping of old vehicles

The Delhi government will provide a 10-20 per cent tax rebate to buyers of new vehicles who opt to scrap their old ones, according to a statement issued on Wednesday. Chief Minister Atishi has approved the incentive scheme to promote scrapping of old vehicles and it will be notified soon, the statement said. "The government will incentivise those who opt for the scrapping of their old vehicles, through rebate in motor-vehicle tax on buying new vehicles within three years," said the Delhi government statement. The tax rebate will be 20 per cent on the purchase of non-commercial CNG and petrol vehicles, 15 per cent on the purchase of commercial CNG and petrol vehicles, and 10 per cent on diesel vehicles, it said. The policy is aimed at removing old and polluting vehicles on the road by promoting the use of less-polluting ones having upgraded emission standards, it said. Under the scheme, one would have to obtain a certificate of deposit on scrapping their old vehicle at a registered

Kia India total wholesales increase 17% in September to 23,523 units

Kia India on Tuesday said its total wholesales increased 17 per cent year-on-year to 23,523 units in September. The automaker had dispatched 20,022 units to dealers in September 2023. "Our continuous exceptional sales performance is driven by the overwhelming response from customers during the festive season of Ganesh Chaturthi and Onam," Kia India Senior Vice President and National Head of Sales & Marketing Hardeep Singh Brar said in a statement. The automaker has also prioritised expanding touchpoints, ensuring that mobility solutions are accessible to all customers across the country, he added.

Tata Motors total domestic sales decline 15% to 69,694 units in Sep

Tata Motors Ltd on Tuesday reported 15 per cent decline in total domestic sales at 69,694 units in September as compared to 82,023 units in the year-ago month. Total passenger vehicle (PV) sales in the domestic market, including electric vehicles, stood at 41,063 units last month as against 44,809 units in September 2023, down 8 per cent, Tata Motors said in a statement. "The PV industry in Q2 FY25 saw more than 5 per cent decline in retails (Vahan registrations) compared to Q2 FY24 driven by slow consumer demand and seasonal factors. In contrast, industry offtake was significantly higher than registrations in anticipation of a strong start to the festive season, resulting in a continued buildup of channel stock," Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director, Shailesh Chandra said. Total commercial vehicle (CV) sales in the domestic market stood at 28,631 units in September as against 37,214 in the year-ago month, down 23 per ...

Rolls-Royce launches Cullinan Series II starting from Rs 10.5 crore

British luxury auto-maker Rolls-Royce cars on Friday launched its ultra-luxury Cullinan Series II here, with price starting from Rs 10.50 crore, a company official said. The company, in a statement said the first local client deliveries would commence from the fourth quarter of 2024. "The debut of Cullinan Series II in India represents a significant milestone for Rolls-Royce in the Asia Pacific region. Since its original launch in 2018, this remarkable motor car has attracted a younger and more diverse group of clients, and today Cullinan is the most requested Rolls-Royce in the marque's portfolio," Rolls-Royce Motor Cars, Regional Director Asia-Pacific Irene Nikkein said. "Cullinan Series II integrates new technologies, new materials, meticulously considered design updates and innovative opportunities for self-expression through Bespoke," Nikkein said. Pricing for Cullinan Series II in India starts from Rs 10.50 crore while Price for Black Badge Cullinan Series II starts at Rs 12.

Assurance Intl plans to hire 2,000 people in India over next two years

Automotive ancillaries player Assurance Intl Ltd on Friday said it is planning to hire 2,000 people in India over the next two years as part of its growth strategy and elevate sales of licensed products for various global brands. The recruitment drive will focus on attracting top talent across key regions in India, offering diverse opportunities in engineering, sales, customer support, and operations, the company said in a statement. "The addition of 2,000 new positions will not only support our strategic initiatives but also play a vital role in enhancing sales and delivering exceptional customer value," Assurance Intl CEO Mukesh Sharma said. This recruitment initiative is a crucial component of Assurance Intl's long-term strategy to remain competitive in the rapidly evolving automotive landscape. Gurugram-headquartered Assurance Intl is into manufacturing and marketing company for automotive products known as lubricants, batteries, filters, accessories, and spare parts. It has ab

Karnataka plans tax waivers for hybrid vehicles, incentives for EVs

Toyota's push is at odds with rivals such as Tata Motors and Mahindra & Mahindra which want to keep the focus on EVs, saying incentives for hybrids would hurt India's goals for their adoption

Indian car buyers step on the gas: Pickup in CNG sales fastest in 2024

The rise in CNG sales even outstripped that of petrol hybrid, diesel hybrid, and electric cars

Hybrid, EVs each could have 8 per cent market share by FY28: ICRA

The share of compressed natural gas (CNG)-run cars is also expected to increase from 14 per cent in 2023-24 to 18 per cent in 2027-28

VinFast's loss widens in Q2 on impairment charge, higher sales cost

Selling expenses rose by 25.5% quarter-on-quarter due to increasing sales and marketing costs, coupled with asset impairments, according to the filing

Bajaj to TVS, legacy ICE players assert dominance in EV two-wheeler segment

Bajaj Auto, TVS and Hero Motocorp collectively grab nearly half the electric two-wheeler market share in the second half of September till 17th

Maruti to M&M, carmakers in the fast lane to roll out festival discounts

Based on industry data, the average discounts by the top 13 players in 2023 were Rs 34,630, which increased to Rs 38,816 so far in 2024

PM E-DRIVE, eBus Sewa: How the schemes may help accelerate EV adoption

The two schemes, with over Rs 14,000 crore allocated to boost EV adoption, focusing on electric two-wheelers, buses, and charging stations, aim to support India's emissions-reduction goals

Auto sector needs to focus on customer service, quality assurance: Gadkari

The Indian automobile industry is at the cusp of a revolution and it needs to focus on customer service, after-sales and quality assurance, Union Minister Nitin Gadkari said on Wednesday. In a video message to the Auto Retail Conclave organised by Federation of Automobile Dealers Associations (FADA), Gadkari, the Minister for Road Transport and Highways acknowledged that automotive dealers play a key role in realising the government's mission of a self-reliant India. "The automotive industry is at the cusp of the revolution, and as we look to the future, it is critical that the sector continues to innovate, especially in areas like customer service, after-sales and quality assurance," Gadkari said. The minister further said, "As a distributor of automobiles, you play a pivotal role in the government mission of 'make in India' and contribute significantly to realising our vision of self reliant India." Stating that the government deeply values the role that FADA and its members play

Fada seeks legislative safeguards to prevent OEMs exiting abruptly

Automobile dealer body FADA on Wednesday sought legislative safeguards to prevent companies from exiting the country abruptly in order to safeguard the interest of dealers and employees working at the dealerships. Speaking at the 6th Auto Retail Conclave here, newly appointed President of the Federation of Automobile Dealers Associations (FADA) C S Vigneshwar also asked the government to issue strong directives to state governments for the full implementation of the CMVR (Central Motor Vehicles Rules). Addressing Minister of Heavy Industries HD Kumaraswamy, Vigneshwar said, "We need your support, and hence we request legislative safeguards to prevent OEMs (Original Equipment Manufacturers) from exiting the country abruptly, leaving dealers, employees, and customers stranded." Various automotive OEMs like Ford, General Motors and Harley Davidson have ceased sales operations in India since 2017. As per FADA, it has resulted in layoffs of thousands of people working at ...

Auto makers must invest in R&D to make world-class industry: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Tuesday asked automobile manufacturers to invest in R&D in order to make a world-class industry. Speaking at the SIAM Annual Convention, he also asked them to focus on improving the global NCAP (New Car Assessment Programme) ratings of their products so that exports get further push. In general, he said, the Indian private sector roughly contributes about one third of the overall R&D spending in the economy while the remaining two thirds comes from the government. "Again, our studies show that it is not due to lack of government support for R&D spending in general, but it also depends on our ability to think over a much longer horizon...seeing the R&D expenditure as an investment, rather than as an expenditure against the profit and loss account," he said. So in that sense, he said, "enhancing the investment in R&D and becoming global leaders, it will be an important contributor to the 'aatmanirbharta' programme in ...

Received proposals worth Rs 75k cr under auto PLI scheme: Kumaraswamy

The government has received investment proposals worth around Rs 75,000 crore under the auto PLI scheme of which close to Rs 18,000 crore has already been invested, Union heavy industries minister H D Kumaraswamy said on Tuesday. Speaking at the 64th Annual SIAM convention here, the minister said the scheme has helped create around 30,000 jobs in the country. "Since its launch, the scheme (Auto PLI) has been instrumental in attracting Rs 74,850 crore in proposed investments. Of this Rs 17,896 crore has been actually invested by March 2024," Kumaraswamy said. He noted that in order to ensure continuous growth in electric mobility, the ministry is now focusing on charging infrastructure. "While developing the charging infrastructure, we are conscious that integrating this infrastructure with renewable energy sources is essential for maximising the environmental benefits of electric mobility," the minister said. He noted that the government and the industry need to make dedicated eff

Goyal urges auto component makers to cut imports, target $100 bn exports

Commerce and Industry Minister Piyush Goyal on Monday asked Indian auto component makers to explore ways to cut reliance on imports and boost local manufacturing to make the country a net exporter of these products. The minister also urged these companies to target USD 100 billion in exports by 2030. Addressing the auto component industry here, he expressed his concern over the continued reliance on foreign suppliers and encouraged domestic manufacturers to enhance local production capabilities. "Many of our component manufacturers still import, I do not know whether (due to) any compulsion or voluntarily, their needs of inputs from Korea, Japan, Taiwan and one of the neighbours. "I do not understand why even two or three levels down, we cannot plan to become indigenous suppliers and manufacturers so that we can then start supplying those components to other countries," Goyal said. With the huge Indian market and global opportunities, the industry can increase the exports to USD 1

Auto parts-maker Kross raises Rs 150 cr from anchor investors ahead of IPO

The Jamshedpur-based company's IPO is a combination of a fresh issue of equity shares worth Rs 250 crore and an Offer for Sale (OFS) aggregating up to Rs 250 crore by the promoters