Page 18 - Automobile Industry

Tata Motors-JLR project in Tamil Nadu to get going in two months

Over 400 acres zeroed in at Panapakkam, 90 km from Chennai

Ola Electric to launch IPO next week, valuation seen at around $4.4 billion

Ola is planning the IPO at a lower valuation to ensure higher participation from investors bidding for the IPO shares

Govt extends Electric Mobility scheme, increases outlay to Rs 778 crore

The scheme was launched by the Ministry of Heavy Industries in March this year and aims to boost the adoption of electric vehicles (EVs) across the country

Nissan's profits wiped out by deep US discounts; shares plunge 7%

The US and China are Nissan's two biggest markets, accounting for half of global sales in the year through March and 51 in the first quarter of this financial year

South Korea's Hyundai Motor posts record Q2 profit on strong US sales

The automaker, however, warned of an uncertain outlook due to intensifying price competition as inflation and high interest rates squeeze consumers

India should keep its focus on EVs with regard to incentives: BMW Group

The German automobile company sells 24 models in India - one plug-in hybrid car, six EVs, and 17 internal combustion engine (ICE) cars

Porsche India retail sales increase 40% to 489 units in Jan-June period

Porsche India on Wednesday said its retail sales increased 40 per cent year-on-year to 489 units in the January-June period. The company saw robust sales of Cayenne and Macan models during the period under review, the luxury sports carmaker said in a statement. "The desire to own a Porsche in India continues to grow and we are elated to see that the first half of 2024 has been our best ever," said Manolito Vujicic, Brand Director, Porsche India. This reflects what has been a solid, continuous growth of sales right across each model line for Porsche in India over the past few years, he added. "It bodes well for the remainder of 2024 with a brace of more exciting new models set to launch in conjunction with further expansion of the Porsche network across the country," Vujicic said. The second half of 2024 will see three exciting new models arrive in India, the Cayenne GTS, 911 sports coupe and Panamera GTS, the company said. Deliveries for these models are planned to commence from

General Motors beats quarterly revenue expectations, raises profit forecast

The Michigan automaker is leaning heavily on its gasoline-engine offerings to fuel its profits through a slower-than-anticipated transition to electric vehicles

Customs duty exemption on lithium, cobalt to aid EV sector growth: Auto Inc

The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday. Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2024-25 proposed to fully exempt customs duties on 25 critical minerals and reduce Basic Customs Duty (BCD) on two of them. "This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," she noted. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, Sitharaman stated. Auto industry body SIAM President Vinod Aggarwal said the exemption of customs duty on import of lithium, cobalt and other rare minerals and

Porsche tones down EV ambitions, says mobility transition will take 'years'

"The transition to electric cars is taking longer than we thought five years ago," Porsche said in a statement

Suzuki expects India's automobile market to grow fivefold by 2047

A total of 4.2 million passenger vehicles were sold in India in the fiscal year ended in March, according to the Society of Indian Automobile Manufacturers

Rural two-wheeler demand roars back to life in first half of 2024

Favourable monsoon, govt initiatives may sustain the trend, say experts

JSW MG to launch 5 cars in next 12 months: CEO Emeritus Rajeev Chaba

MG currently sells five models in India -- Hector, Gloster, Astor, Comet and ZS. The first three are internal combustion engine-run cars while the last two are electric cars

Hybrid cars 'best solution' until non-fossil energy is widespread: Suzuki

EVs, hybrids could have 33 per cent share each in Indian market by 2035: Suzuki

DMRC to add over 1,100 e-autos to its fleet to boost last-mile connectivity

The Delhi Metro Rail Corporation will be adding more than 1,100 e-autos to its existing fleet of electric three-wheelers to further boost last-mile connectivity, an official said on Wednesday. Of the 2,299 e-auto permits -- 1,636 general and 663 women -- allotted to the DMRC by the Transport Department, 1,183 e-autos -- 857 general and 326 women -- have been registered. These e-autos are operating from around 40 DMRC stations that are equipped with charging points and dedicated parking spaces, officials said. "Another 1,116 -- 779 general and 337 women -- e-autos are expected to be registered by the end of August," the DMRC official said. The DMRC has allotted these e-auto permits to its authorised operators at metro stations located in Chhatarpur, Dwarka, Rohini and northwest Delhi. DMRC Managing Director Vikas Kumar told PTI that ensuring last-mile connectivity for commuters is a key issue for the Delhi Metro. The Delhi government recently launched a bus service to enhance last

Refex Green Mobility signs pact with Citroen to procure 500 e-C3 EVs

French automaker Citroen has signed a memorandum of understanding with Refex Green Mobility Ltd, a subsidiary of diversified conglomerate the Refex Group, towards the procurement of 500 Citroen e-C3 electric vehicles. The largest order for Refex Green Mobility Ltd in South India signifies a major advancement in its collaboration with Citroen. "Our partnership with Refex underscores Citroen's commitment to our customers, the reliability of our products and a strong sustainable operation. The Citroen e-C3, with its efficient battery pack, advanced e-powertrain and comprehensive suite of connectivity features, continues to be the preferred choice for businesses transitioning to green mobility," said Citroen India Brand Director Shishir Mishra. "Refex eVeelz (Refex Group's Green mobility vertical) has demonstrated strong growth in the sustainable mobility space and we continue to expect great impact from the company as it expands operations across India," Mishra said. The Citroen e-C3

Bajaj Auto Q1 PAT up 18% at Rs 1,941.79 cr on double digit revenue growth

The revenue from operations grew due to strong vehicle sales, record revenue from spares, and volume expansion across both domestic and export businesses

Automobile retail sales rise 9% in June quarter, PV sales up 2.53%: Fada

Automobile retail sales increased 9 per cent year-on-year in June quarter FY25 with all segments, barring tractors, reporting growth, dealers' body FADA said on Monday. Overall retail sales rose to 61,91,225 units in the April-June period from 56,59,060 units in the same quarter of FY24. Passenger vehicle retails increased 2.53 per cent to 9,20,047 units as against 8,97,361 units a year ago. "Despite strong bookings and customer flow, high competition, excess supply and discounting presented challenges for sustained growth in the PV segment," FADA President Manish Raj Singhania said in a statement. Dealers reported significant impacts from elections, extreme heat and market liquidity issues, he noted. The extreme heat led to 18 per cent drop in showroom walk-ins in May, with inventory levels reaching an all-time high of 62-67 days by the end of June, Singhania said. "Despite improved product availability and substantial discounts aimed at stimulating demand, market sentiment rema

Budget 2024: Fada seeks vehicle depreciation benefits for income tax payers

Automotive dealers body FADA on Friday urged the government to introduce vehicle depreciation benefits for individual taxpayers, saying it will not only expand the taxpayer base but also ignite automobile demand. In its pre-budget wishlist, the Federation of Automobile Dealers Associations (FADA) also asked the finance ministry to reduce corporate tax for LLPs, proprietary, and partnership firms. "We urge the finance ministry to introduce the benefits of claiming depreciation on vehicles for individuals paying income tax," FADA President Manish Raj Singhania said in a statement. Allowing individuals to account for depreciation will not only increase the number of income tax filers but also ignite automobile demand, he reasoned. Singhania also recommended reduction of corporate tax for LLPs, proprietary, and partnership firms. "While the government has already reduced corporate tax to 25 per cent for private limited companies with a turnover of up to Rs 400 crore, extending this ..

Indian auto component industry growth to moderate in FY25, says ICRA

ICRA also expects the industry to invest Rs 20,000-25,000 crore in FY2025 for capacity expansion and technological advancements