Page 24 - Automobile Industry

EVs head for junkyard as mechanic shortage inflates repair costs in UK

Once there are more fully trained EV technicians, repair rather than replace becomes a more viable proposition, an expert said

Sale of entry-level cars, two-wheelers yet to hit pre-pandemic peak

Slow recovery in the rural economy and customers transitioning to purchasing vehicles in higher segments are the primary reasons for the gradual decline

Passenger vehicle wholesales up 8.4% at 4,218,746 units in FY24: Siam

Passenger vehicle wholesales in India rose by 8.4 per cent year-on-year to 42,18,746 units in financial year 2023-24, industry body SIAM said on Friday. The overall passenger vehicle dispatches stood at 38,90,114 units in fiscal year 2022-23. Two-wheeler sales were up 13.3 per cent last fiscal at 1,79,74,365 units, as compared to 1,58,62,771 units in the financial year 2022-23. Vehicle sales across categories rose by 12.5 per cent to 2,38,53,463 units in the period under review, as against 2,12,04,846 units in fiscal year 2022-23.

China's EV makers order record number of ships to support car exports

BYD alone exported over 240,000 cars in 2023, about 8 per cent of its global sales, and plans to export up to 400,000 this year

Electric vehicle retail sales grow across segments in FY24, says Fada

Electric vehicle retail sales in India increased last fiscal with all the segments, including passenger vehicles and two-wheelers, witnessing enhanced registrations, according to automotive dealers' body FADA. The overall sales of electric passenger vehicles rose to 90,996 units in 2023-24 as compared to 47,551 units in FY23, registering an increase of 91 per cent. Tata Motors led the segment with registrations of 64,217 units, up 66 per cent over 38,728 units in the 2022-23 financial year. Similarly, registrations of electric two-wheelers rose by 30 per cent to 9,47,087 units in 2023-24 fiscal as compared to 7,28,205 units in FY23. Ola Electric led the space with retail sales of 3,29,237 units, followed by TVS Motor Company with registrations of 1,82,969 units. Electric three-wheeler retail sales rose 56 per cent to 6,32,636 units last fiscal as against 4,04,430 units in FY23. Mahindra Group retailed 60,618 units last fiscal, registering a growth of 69 per cent over 35,916 units

Cruise to resume 'robotaxi' tests with safety drivers in Phoenix, Arizona

The company is set to announce and begin the testing as early as Tuesday, the report said, citing people familiar with the matter

Maruti Suzuki eyes export of 300,000 units in FY25, 800,000 by 2030

On the back of record exports last fiscal, Maruti Suzuki India is confident of its overseas shipments crossing 3 lakh units in FY25 as part of gradual scaling up to meet the target of up to 8 lakh units by 2030, according to a senior company official. The company plans to launch more models in its various export markets that span over 100 countries while also enhancing distribution network, having taken best practices from India such as making bank finance available at dealerships, strengthening service facilities and parts availability to the export markets. "Till about three years ago our exports were in the range of 1 to 1.2 lakh cars a year. Both as a national vision and as a business ambition, we decided to scale up drastically and from those levels and in 2022-23 we reached about 2.59 lakh units exports and in 2023-24 we completed 2.83 lakh," Maruti Suzuki India Executive Director Corporate Affairs Rahul Bharti told PTI. He further said, "The interesting part of this is that i

EV sales to rise 66% this year after nearly doubling in 2023: Report

The rapid growth in sales comes at a time when EV growth in other key markets such as the United States and China are slowing

Tesla misses sales estimates in first drop since 2020, shares decline 5.5%

Shares of Tesla fell 5.5% to $165.54 as of 9:33 a.m. in New York. The stock is down about 33% this year

HMSI reports 81% surge in domestic sales at 358,151 units in March

Honda Motorcycle and Scooter India on Tuesday reported an 81 per cent year-on-year jump in domestic wholesales at 3,58,151 units in March. The company had dispatched 1,97,542 units to its dealers in March 2023. Exports increased 95 per cent to 28,304 units last month from 14,460 units in March 2023, Honda Motorcycle & Scooter India (HMSI) said in a statement. The total sales rose to 3,86,455 units last month against 2,12,002 units in the same month last year, it added. Besides, the grew 12 per cent to 48,93,522 units in FY24 compared to 43,50,967 units in FY23, HMSI said.

Maruti Suzuki's total sales increase by 10% to 187,196 units in March

Maruti Suzuki India on Monday reported a 10 per cent rise in total sales at 1,87,196 units in March this year as compared to 1,70,071 units in the same month last year. In the year 2023-24, the company crossed an annual total sales milestone of 20 lakh units with highest-ever yearly domestic sales of 1,793,644 units and record exports of 2,83,067 units, Maruti Suzuki India (MSI) said in a statement. In March, the company's total domestic dispatches to dealers, including passenger vehicles and light commercial vehicles and OEM (Original Equipment Manufacturer) sales, stood at 1,61,304 units as compared to 1,39,952 units in the year-ago month, a growth of 15.26 per cent, MSI said in a statement. Passenger vehicle sales in the domestic market were at 1,52,718 units last month as compared to 1,32,763 units in the year-ago period, up 15 per cent, it added. Sales of mini-segment cars comprising Alto and S-Presso models were marginally higher at 11,829 units as compared to 11,582 units i

Only 5% looking to buy 4-wheeler may purchase EV this year: Survey

Only 5 per cent of those looking to buy a four-wheeler in the country are likely to buy an electric car this year, according to a survey. The survey, based on the response of 40,000 people from across 319 districts, also found that more than half of the "existing or prospective car owners" are willing to buy an electric car if it is available in the Rs 8-10 lakh price range. Car sales in India crossed 4 million units last year while 72,321 electric four-wheelers were registered, according to the survey conducted by online consumer pulse aggregator platform, LocalCircles. If the 5 per cent of the existing/prospective car owners, as found in the survey, buy one car each and the annual car sales maintains the 2023 numbers, it indicates a demand of 200,000 electric cars this year, LocalCircles said. Of the 40,000 respondents who participated in the survey -- conducted over a period of three months -- 42 per cent are from tier-1 cities, 34 per cent from tier 2 and the remaining 24 per c

New Rs 500 crore scheme to promote e-mobility kicks in from Monday

The new Rs 500 crore scheme to promote electric mobility in India will come into force from Monday and continue till the end of July. Meanwhile, the second phase of FAME, or Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme, ends on March 31, 2024. Subsidies under the FAME scheme will be eligible for e-vehicles sold till March 31, or till the time funds are available. The Rs 500 crore Electric Mobility Promotion Scheme 2024 (EMPS 2024) scheme is being introduced by the Ministry of Heavy Industries to further accelerate the adoption of electric vehicles (EVs) in the country. Under EMPS 2024, a support of up to Rs 10,000 per two-wheeler will be provided. The aim is to provide support for about 3.33 lakh two-wheelers. A support of up to Rs 25,000 will be given for the purchase of small three-wheelers (e-rickshaw and e-carts). More than 41,000 such vehicles will be provided incentives under the scheme. The financial support will be up to Rs 50,000 in

A smooth ride: Electric 2-wheeler registrations cross 100K in a month again

As of Thursday, registrations of electric two-wheeler vehicles have already surpassed 100,031 - an increase of over 25 per cent compared to the previous month

Xiaomi launches electric vehicle SU7 in China, starts from $30,000

Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country's booming but crowded market for electric cars with a sporty high-tech sedan. The tech company began accepting orders in China via an app on Thursday night, after founder Lei Jun wrapped up a more than two-hour presentation on the SU7 car by announcing the much-awaited price range: 215,900 yuan to 299,900 yuan (about USD 30,000 to USD 40,000). Xiaomi said that it received 50,000 orders for the SU7 in the first 27 minutes after sales opened at 10 p.m. Beijing time (1400 GMT). Government subsides have helped make China the world's largest market for electric vehicles, and a bevy of new makers are locked in fierce competition. Most of the industry's sales have been domestic, but Chinese makers are pushing into overseas markets with lower-priced models, posing a potential challenge to European, Japanese and American auto companies. Lei wasn't bashful about that challenge, saying that Beijing-based

Toyota Kirloskar Motor to raise prices on select vehicles from April 1

Automaker Toyota Kirloskar Motor on Thursday said it plans to increase prices of select vehicles up to 1 per cent from April 1 citing rising input costs and operational expenditures. In a statement, the company said it is planning to increase prices of certain grades of its specific models effective April, 1 2024. "With an anticipated 1 per cent increase, the move is attributed to escalating input costs and operational expenditures," Toyota Kirloskar Motor (TKM) said. TKM sells a range of vehicles starting from hatchback Glanza to premium SUV Fortuner which are priced between Rs 6.86 lakh and Rs 51.44 lakh.

Toyota's global sales slip 7% in Feb, led by slumps in China, Japan

Sales in China - the world's biggest auto market - tumbled 36%. This year the week-long Lunar New Year holiday took place in February while last year it occurred in January

Maruti Suzuki's mcap breaches Rs 4 trillion mark in intra-day trade

Maruti Suzuki India's market valuation went past the Rs 4 lakh crore mark in intra-day trade on Wednesday, helped by a rally in the stock which reached a new peak. Shares of the company climbed 2.40 per cent to settle at Rs 12,550 apiece on the BSE. During the day, it jumped 3.82 per cent to reach a record high of Rs 12,724.95. On the NSE, the automaker's stock advanced 2.52 per cent to Rs 12,560 per share. During the day, the company's market valuation jumped to Rs 4,00,075.70 crore mark. At the close of trade, the company's market capitalisation (mcap) remained at Rs 3,94,575.23 crore. In the broader equity market, the 30-share BSE Sensex jumped 526.01 points or 0.73 per cent to settle at 72,996.31. The NSE Nifty went up by 118.95 points or 0.54 per cent to 22,123.65. The stock was the second biggest gainer among the Sensex and Nifty firms after Reliance Industries. The company is at the 14th rank in terms of most valued companies by market capitalisation. Reliance Industries

Renault Nissan JV to launch four new products, expand product portfolio

The Renault Nissan Alliance, a joint venture between automakers Japan-based Nissan and France headquartered Renault would launch four new products in the near future, a top official said here on Wednesday. Renault Nissan Alliance Chairperson Jean-Dominique Senard said India is at the heart of the alliance and every part of car manufacturing happens at the India plant. Renault Nissan Automotive India Pvt Ltd is a joint venture company between Nissan and Renault in India and currently retails five products with two being sold under the Nissan platform and three with the Renault badge. On a short visit to the city, Senard, flanked by Nissan Motor Corporation President and CEO Makoto Uchida and Renault Group CEO Luca de Meo, said March 27th marks the 25th anniversary of the alliance in India. "This is our first visit to India and India will continue to have a major role in our alliance. The alliance has invested USD 1.8 billion so far", he told reporters. "India is at the heart of the

Tata Motors unit, HPCL partner to install 5,000 EV charging stations

Tata Passenger Electric Mobility on Wednesday said it has tied up with Hindustan Petroleum Corporation Ltd to set up 5,000 public charging stations across the country by the end of the year. The collaboration will leverage Hindustan Petroleum Corporation Ltd (HPCL's) fuel station network and company's insights from over 1.2 lakh Tata EVs on Indian roads, to set up chargers at locations frequently visited by Tata EV owners, Tata Passenger Electric Mobility (TPEM), a unit of Tata Motors, said in a statement. Both entities have inked an Mou in this regard, it added. The companies are also exploring the introduction of a convenient payment system through a co-branded RFID card, which will make the charging experience hassle-free. HPCL has a nationwide network of over 21,500 fuel stations and aims to install 5,000 electric vehicle charging stations by December 2024. "This strategic partnership with HPCL emphasises our dedication to advancing India's EV ecosystem in which the growth of