Page 18 - Automobile Industry

Exicom acquires US EV charging company Tritium for nearly Rs 310 crore

Home grown EV charging solutions firm Exicom has acquired US-based DC fast charging technology company Tritium for USD 37 million, or about Rs 310 crore, a senior company official said. Exicom managing director Anant Nahata told PTI that the company is setting up a manufacturing unit in Hyderabad where it will use DC (Direct Current) fast charging technology of Tritium to develop solutions for electric vehicles. The Hyderabad facility is expected to be operational by the end of 2025. "This strategic investment highlights Exicom's robust positioning in international markets and our commitment to expanding operational capabilities across diverse geographies. The comprehensive deal encompassing four key regions'?the UK, the Netherlands, the United States, and Australia'?amounts to USD 37 million," Nahata said. Exicom has absorbed the entire workforce of 300 people at Tritium in the company. "With the integration of Tritium's 300 talented individuals, Exicom will leverage synergies an

Carmakers expect festive period to improve sales, overall buyer sentiment

Auto industry players are eyeing robust performance in the ongoing festive period to lift overall consumer sentiment and set the tone for the rest of the year amid slowing demand. The festive season usually commences with Onam and ends with Diwali every year. Kia India National Head of Sales and Marketing Hardeep Singh Brar told PTI that the last 3-4 months were not good for the industry as sales declined compared to the same period last year. "With pent-up demand of the last few months there and government investment starting to flow in, we feel things should start improving from here onwards," he noted. Brar said the booking momentum in September was good, which is a strong indication for October. "And this time, all festivals are in October..we expect about 5-10 per cent sales growth during the period as compared to last year," he added. Brar said that in the January-April period, the passenger vehicle industry witnessed a growth of 7 per cent, but in May-September, there was

Carmakers don't plan price changes to China-made EVs after EU backs tariffs

MG Motor France said tariffs were "excessive" and hamper Europe's green transition

BMW, MINI record 10% sales growth at 10,556 units during Jan-Sep period

German luxury carmaker BMW Group on Friday said its BMW and MINI brands recorded a 10 per cent year-on-year increase in sales, at 10,556 units in India during the January-September period of 2024. The number of cars (BMW and MINI) sold in the nine months of 2023 was 9,580 units. Besides, the group also sold 5,638 units of Motorrad brand of motorcycles, the group announced here on Friday. BMW Group comprises three brands--BMW, Mini and Motorrad. Of the 10,556 units, BMW Group said, it sold 10,056 units of BMW and the remaining 500 units of the MINI brand. "The highest ever car deliveries during January to September this year, reflects the synergy between a successful strategy and an unparalleled customer experience," said Vikram Pawah, President and CEO at BMW Group India. BMW Group India is changing the game with its long wheelbase product portfolio and a strong electric mobility offensive, he added. Key models like the BMW 7 Series Long Wheelbase, BMW 3 Series Long Wheelbase an

British auto industry set to miss 2024 EV sales target, warns trade body

Britain's ZEV mandate, introduced by the former Conservative government, requires at least 22 per cent of an automaker's new car sales to be purely EVs in 2024

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