Page 21 - Automobile Industry

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

US urges owners to stop driving older Nissan vehicles over air bag issues

Over the past decade, more than 100 million Takata air bag inflators have been recalled worldwide - including 7 million in the United States - in the biggest auto safety callback on record

Hyundai inaugurates EV charging station in Chennai, plans 100 facilities

Automaker Hyundai Motor India Limited (HMIL) on Monday announced the inauguration of its fast electric-powered vehicles (EV) charging station here, and said this was first of the company's target of installing 100 such facilities across Tamil Nadu. The 180 kW DC fast charging station, comprising of 150 kW and 30 kW connectors, has been set at Spencer Plaza here, and would cater to compatible four-wheelers irrespective of brand and model, a company release said. "As we celebrate 28 years of HMIL in India, we are delighted to inaugurate our first ever 180 kW fast public charging station in Chennai. In line with Hyundai's vision of 'Progress for Humanity', we aim to enhance convenience of all EV users, and hence our charging stations can be utilised by any four-wheeler EV user. HMIL envisages to install 100 charging stations across Tamil Nadu, to enhance the EV ecosystem and motivate more customers towards EV adoption across the state," Jae Wan Ryu, Executive Director - Corporate ...

India to make JLR's Range Rover for first time, delivery starts May 24

Prices of 'flagship car' and its sport variant will reduce by 18-22%, say senior executives of Tata Motors-owned company

Ashok Leyland to unveil 5-6 new products under LCV segment: MD Agarwal

Hinduja Group flagship company Ashok Leyland has lined up 5-6 product launches this year in the light commercial vehicle segment, a top official said here on Friday. The city-based medium and heavy commercial vehicle maker has earmarked Rs 500 to Rs 700 crore as Capital Expenditure for this financial year, Managing Director and CEO Shenu Agarwal said. Ashok Leyland earlier in the day reported a 16.73 per cent increase in consolidated net profit at Rs 933.69 crore in the January-March 2024 quarter as compared to Rs 799.87 crore registered in the same period of last financial year. "FY'24 has been a record year for Ashok Leyland. We have achieved an all-time high,whether it is in revenues, growth, EBITDA margins or profits, we have achieved an all-time high number in FY24," company Chairman Dheeraj Hinduja told reporters. "What makes this achievement significant is that it (highest ever performance) is coming in a year when we are celebrating our 75th year anniversary. We continue to

French automaker Citroen ropes in MS Dhoni as brand ambassador in India

French automaker Citroen on Friday said it has roped in former India cricket captain Mahendra Singh Dhoni as its brand ambassador in India. Dhoni will mark his debut innings with Citroen in a campaign that will soon go live, the company said in a statement. "We believe that our association with one of India's finest cricketers, Dhoni, will go a long way in reinforcing our commitment to the Indian market. His humility and dedication to excellence align perfectly with our brand's ideology, while our shared commitment to sustainability and shaping the future of mobility strengthens our connection," Citroen India Brand Director Shishir Mishra said. On his association with Citroen, Dhoni said, "The brand shares my commitment to electric mobility and sustainable solutions and like me, focuses on doing what really matters. Citroen's philosophy of truly understanding customer needs and making meaningful innovations resonates deeply with me.

Surge in demand for 'young' used cars outpaces supply, drives prices north

SUVs set to reach 45% of used car market soon

Expecting double-digit sales growth on strong demand: Mercedes-Benz India

Mercedes-Benz India is eyeing double-digit sales growth this fiscal as demand remains strong, especially for high-end models, a senior company executive said on Wednesday. The company, which on Wednesday introduced luxury models -- Maybach GLS 600 4MATIC SUV and AMG S 63 E Performance Edition 1 on Wednesday, had sold 18,123 units last fiscal. It was a growth of 10 per cent over 16,497 units sold in 2022-23. "We expect double-digit sales growth this fiscal as well. The demand for the company's top-end vehicles (TEV) remains robust," Mercedes-Benz India VP (Sales & Marketing) Lance Bennett told PTI. He said the company is focused on strengthening the TEV segment, which accounted for 1 out of 4 Mercedes cars sold in India during the first quarter of 2024. The new Maybach GLS 600 4MATIC is priced at Rs 3.35 crore while the AMG S 63 E Performance is priced at Rs 3.3 crore. The exclusive 'Edition 1' starts at Rs 3.8 crore (All prices ex-showroom). The TEV segment remains buoyant, ...

Shares of JK Tyre zoom 10% amidst robust Q4 financials; profits soar

JK Tyre reported a 56 percent increase in its consolidated net profit for the fourth quarter, reaching Rs 169.33 crore, driven by sustained demand