Page 21 - Automobile Industry

MHI draws up three proposals for FAME-III scheme budget firepower

Proposals range from Rs 12.6K-30K cr but FinMin reluctant to allocate more than Rs 10K cr

Changing gears: India's growing love for SUVs key to Hyundai's success

The SUV segment in India is expected to grow at a CAGR of 7% to 9% from FY24 to FY29

IPO-bound Hyundai India and its rivals in world's third-biggest car market

Hyundai Motor India sought regulatory approval on Saturday to list on the Mumbai stock market in what could be the biggest IPO in the South Asian nation

Up against 60 days' inventory, car dealers seek Siam's intervention

The 60-day inventory levels are close to the 2018-19 levels when inventory inventory days had neared 70 days, and around 282 passenger vehicle dealerships had shut shop

Cars could get costlier as automobile emission norms set to tighten

Under the third phase of the corporate average fuel efficiency standards, automakers must reduce carbon emissions by one-third in three years

Chinese auto manufacturers outsold US counterparts for first time last year

"Negligence from legacy automakers, which has resulted in consistently high car prices, has inadvertently driven consumers toward more affordable Chinese alternatives," Jato analyst Felipe Munoz said

Tesla expects to hike price of China-made Model 3 in EU due to tariff hike

The message, displayed on Tesla's website for countries including Germany, France, Ireland, Belgium, and Hungary, urged prospective buyers to place their orders in June

Mercedes Benz to invest Rs 3,000 crore in Maharashtra: Minister Samant

German car-maker Mercedes Benz will make an investment of Rs 3,000 crore in Maharashtra, state Industries Minister Uday Samant said on Thursday. In a post on X, Samant said while on a tour of Germany, he met top executives of Mercedes Benz on Thursday and discussed investment opportunities in the state. "Mercedes Benz will invest Rs 3,000 crore in Maharashtra this year. This will help create employment opportunities in the state," he said. The development could give a shot in the arm, ahead of assembly elections, to the Shiv Sena-BJP-NCP government which has been battling charges from the opposition that Maharashtra is losing big-ticket industrial projects to other states including Gujarat.

Mahindra Group to focus on delivering scale over next decade: MD Anish Shah

Farm equipment to aerostructure conglomerate Mahindra Group will focus on delivering scale with its businesses that it 'believes' will cover 70 per cent of India's growth over the next decade, according to its Managing Director and CEO Anish Shah. The group, which has completed exits from 15 companies in a variety of areas to become a much leaner and agile organisation, is also focusing on increasing the valuation of its newer businesses, what it calls 'growth gems' by five times in the next five years from the value of USD 4.2 billion as on March 2024. "Today, what we have is a set of companies that we feel are very strong, very well positioned in the market and each of them can be a scale company. For us now it is about delivering scale," Shah told PTI in an interview. When asked where he sees the Mahindra Group in terms of size and scale in the future, he said, "Our focus now is to deliver scale, focus on the businesses we have. These businesses cover what we believe is 70 per c

Future of Musk, Tesla on line this week as shareholders vote on pay package

If Tesla shareholders vote against restoring Elon Musk's USD 44.9 billion pay package Thursday, the CEO could deliver on threats to take artificial intelligence research to one of this other companies. Or he could even could walk away. If they approve the all-stock compensation package that was thrown out by a Delaware judge in January, it would almost guarantee he would remain at the company he grew to be the world leader in electric vehicles, shifting to AI and robotics including autonomous vehicles, which Musk says is Tesla's future. But even with reapproval at Thursday's annual shareholders' meeting, which many analysts say is likely, there would be uncertainty. Musk has threatened on X, his social medial platform, to develop AI elsewhere if he doesn't get a 25% stake in Tesla (He owns about 13% now). Musk's xAI recently received $6 billion in funding to develop artificial intelligence. Wedbush Analyst Dan Ives said he expects the package to be overwhelmingly reapproved, ending

Hyundai Motor India prepares for IPO filing, potential to raise $2.5 bn

Hyundai Motor India IPO: Indian unit of the Korean automaker is expected to file a DRHP with Sebi within the next two weeks

Norway sovereign fund opposes Elon Musk's $56 bn Tesla pay package

The vote at next week's AGM will be the second time Musk's pay package has been put before shareholders. A judge voided an initial vote that approved the package in 2018

PV exports rise by 268K units in last 4 years; Maruti's biggest gainer

Passenger vehicle exports from India rose by 2.68 lakh units in the last four financial years with Maruti Suzuki India accounting for nearly 70 per cent of the incremental shipments during the period. As per the industry data, passenger vehicle exports in the 2020-21 fiscal stood at 4,04,397 units. It rose to 5,77,875 units in the 2021-22 fiscal year and to 6,62,703 units in 2022-23 financial year. Last fiscal, exports stood at 6,72,105 units, an increase of 2,67,708 units since 2020-21. In the last three fiscal years, Maruti Suzuki has accounted for 70 per cent of the incremental 2,67,708 units across the industry which were shipped to overseas markets. The auto major's export shipment increased by 1,85,774 units between FY21 and FY24. When contacted, Maruti Suzuki India Executive Officer Corporate Affairs Rahul Bharti said that factors like addition of more models, adherence to global production standards and tie-up with Toyota have helped in ramping up the exports' volume. He

TVS Motor recalls select units of iQube electric two-wheeler for inspection

TVS Motor Company on Friday said it is recalling a select set of iQube electric two-wheeler units for a "proactive inspection". The company will inspect the bridge tube of units that were manufactured between July 10, 2023 and September 9, 2023 to ensure that the vehicle's ride handling is good over extended usage, it said in a statement. The company will also carry out any rectification, if required, on affected scooters at zero cost to the customer, it added. The company or its dealer partners will individually contact customers, TVS Motor said.

Toyota Kirloskar Motor looks to expand used car business across key cities

Toyota Kirloskar Motor aims to expand its used car business across key cities, as per a senior company official. The automaker on Friday inaugurated its first company-owned Toyota Used Car Outlet (TUCO) in New Delhi under brand name Toyota U-Trust. "With the Indian used car market projected to grow at a CAGR of 8 per cent and currently being 1.3 times the size of the new car market, the sector holds significant growth potential," Toyota Kirloskar Motor Vice President Takashi Takamiya said. The company's expansion in Delhi and plans for more outlets across key cities underscore the strategy to create a seamless, transparent, and reliable used car market for customers, he added. TKM had forayed into the used car business in 2022 with the opening of an outlet in Bengaluru.

Toyota to recall over 100,000 US vehicles over potential engine stall

The recall includes some Toyota Tundra pickup trucks and Lexus LX600 SUVs equipped with the Japanese automaker's V35A six-cylinder engine

Tata Motors board okays to incorporate new wholly-owned unit for CV biz

Tata Motors on Tuesday said its board has approved to set up a wholly-owned subsidiary to house commercial vehicles business. The company has proposed the name of the new unit as TML Commercial Vehicles Ltd (TMLCVL). The entity is proposed to be a wholly-owned subsidiary of the company, Tata Motors said in a regulatory filing. In March this year, Tata Motors announced the demerger of its commercial and passenger vehicle segments into two separate listed entities to better capitalise on growth opportunities. As part of the initiative, the CV business and its related investments would be housed in one entity, while the passenger vehicle business, including electric vehicles, Jaguar Land Rover and its related investments, will come under a separate listed entity.

Volvo to issue world's first EV battery passport ahead of EU regulations

Volvo owners can access a simplified version of the passport using a QR code on the inside of the driver's door

Automaker Stellantis appoints Shailesh Hazela as CEO, MD of India ops

Automaker Stellantis on Saturday said it has appointed Shailesh Hazela as CEO and Managing Director of India operations. Hazela succeeds Aditya Jairaj, who will be relocating to the US. Previously, Hazela served as Vice President, Global Purchasing and Supply Chain for India & Asia Pacific region for Stellantis. He brings a wealth of experience and a proven track record in driving growth and innovation, the company said in a statement. Since joining Stellantis in September 2022, Hazela has focused on leveraging the supply base across India, ASEAN, Korea, Japan, and other regions, and developing the supply base for Stellantis in India & Asia Pacific (IAP) region, it added. "Shailesh's strategic vision and extensive experience will be instrumental in driving growth and innovation in the Indian market. We are confident that Shailesh will lead the company fostering sustainable business growth," Stellantis IAP region COO Ashwani Muppasani said. Stellantis operates three ...

Tesla to recall 125,227 cars over faulty seat belt warning system

The regulator said the vehicles failed to comply with the federal safety requirements as their seat belt warning light and audible chime may not get activated when the driver is unbelted