Page 25 - Automobile Industry

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

Nissan will invest in Renault EV unit even though IPO scrapped: CEO

"Therefore, regardless of the IPO whatsoever, we are looking at Ampere. We are already discussing about Ampere, our investment."

Daimler India Commercial Vehicles looks to drive in 14 models in 2024

'Bus market may see around 25-30 per cent growth, truck sales to remain flat this year'

Daimler India CV posts record sales in 2023 boosting growth in revenue

Daimler India Commercial Vehicles, the subsidiary of truck manufacturer Daimler Truck AG, recorded a 39 per cent growth in sales of trucks and buses in 2023, a top official said on Tuesday. The Indian subsidiary of Germany-based Daimler Truck posted a 13 per cent growth in cumulative sales in 2023 backed by strong product demand, thereby boosting a surge in revenues, the official said. In 2023, sales of domestic trucks and buses grew by 39 per cent while revenues went up by 21 per cent. The auto parts business also witnessed a 21 per cent growth last year. The company recorded a 107 per cent sales of buses in 2023, while cumulatively (including exports) sales grew by 13 per cent as compared to 2022. "Our best sales and financial growth since inception was spearheaded by excellent demand for our tipper and trailer product lines which grew 53 per cent and 79 per cent respectively. A slew of strategic initiatives that we undertook in 2023 also helped us to make informed decisions on .

Nissan Motor plans to launch three all-new models in India by FY26

Japanese auto major Nissan Motor Co Ltd plans to launch three all-new models in India by fiscal year 2026 and make the country a hub for exports under its new global business plan to drive value and strengthen competitiveness, according to a company statement. Under the new plan, which is split into mid-term imperatives for fiscal years 2024 through 2026, and mid-long-term actions to be carried out through 2030, the company is targeting additional 10 lakh unit sales compared to fiscal year 2023. Globally, Nissan plans to launch 30 new models over the next three years, of which 16 will be electrified, and 14 will be ICE (international combustion engine) models, to meet the diversified customer needs in markets where the pace of electrification differs, the company said. It plans to launch a total of 34 electrified models from fiscal year 2024 and 2030 to cover all segments, with the model mix of electrified vehicles expected to account for 40 per cent globally by fiscal year 2026 and

German carmaker Volkswagen to tap demand for performance-oriented vehicles

Bullish on the growth of the sub-segment, he said it has been fuelled by how the customer preferences are evolving over a period of time

Up in arms: Feracrylum mandate not gelling with automobile companies

The gel, known as Feracrylum, is used to halt bleeding from burns and wounds. However, it is produced by a single company, Themis Medicare

India's push for EVs may lead to entry of Chinese firms in mkt: GTRI

The Indian government's push to boost domestic manufacturing of electric vehicles (EVs) may lead to large-scale entry of Chinese auto firms in the local market, a report by think tank GTRI said on Sunday. China's automotive industry, buoyed by substantial state support, has grown rapidly in electric vehicle technology, making it a leading exporter of EVs and related components, the Global Trade Research Initiative (GTRI) said. The renewed policy push to make India a hub for e-vehicle manufacturing and efforts of the private sector will lead to a sharp increase in dependence on auto component imports from China, the report said. India's auto component imports were USD 20.3 billion in 2022-23 of which 30 per cent came from China. As the EVs are getting greater focus in the country, the auto component imports from China may increase further because it has a greater hold over the EV components' global supply chain. According to estimates, China has 75 per cent of the world's battery .

TVS chairman emeritus Venu Srinivasan's family members ink non-compete pact

Family members of Chairman Emeritus of TVS Motor Company Venu Srinivasan have entered into an understanding to avoid competition and the usage of certain trademarks, including TVS, in defined business areas, the company said on Friday. A Memorandum of Understanding (MoU) was executed on March 21, 2024, by Venu Srinivasan, Chairman and Managing Director of TAFE - Tractors and Farm Equipment Ltd Mallika Srinivasan, Director of TVS Motor Co and Deputy Managing Director of TAFE Motors and Tractors Ltd Dr Lakshmi Venu, and Sudarshan Venu, Managing Director of TVS Motor Co. The company is not a party to this MoU, the TVS Motor Company said in a regulatory filing. Lakshmi Venu and Sudarshan Venu are children of Venu and Mallika Srinivasan. Under the MoU, Sudarshan Venu has agreed that he and persons controlled by him shall not use certain trademarks, including TVS, in relation to certain businesses including design, manufacturing and supply of aluminium and magnesium die castings or machi

Maruti to recall 16,000 units of Baleno, WagonR over faulty fuel pump motor

The company said that it suspected that there is a possible defect in a part of Fuel Pump Motor, which in a rare case may lead to engine stalling or engine starting issues

Volkswagen targets 2-3 times faster growth than Indian PV industry in 2024

The firm's India brand director, Ashish Gupta said Virtus itself is growing in its segment (sub-compact sedan) and its rising sales will also assist the company in reaching the 15% growth target

Kia India to increase prices of vehicles by up to 3% from April 1

Kia India on Thursday said it will increase prices of its range of vehicles by up to 3 per cent from April 1, 2024. The decision is attributed to the escalation in commodity prices and supply chain-related inputs, the automaker, which sells models like Seltos, Sonet and Carens, said in a statement. It marks the first price adjustment by the company this year, Kia India said. Commenting on the development, Kia India National Head Sales and Marketing Hardeep Singh Brar said the company consistently strives to deliver premium and technologically advanced products to customers. "However, due to the continuous increase in commodity prices, adverse exchange rate and rising input cost, we are compelled to implement a partial price hike," he added. The company is absorbing a significant portion of the increase, allowing customers to continue driving their favourite Kia cars without a major dent in their pockets, Brar stated. Kia has sold almost 1.16 million units in India and overseas .

Is new EV policy doing enough to lure Tesla to make electric cars in India

Domestic players such as Tata Motors and Mahindra & Mahindra opposed any move to reduce duties on fully-built cars