Page 26 - Automobile Industry

EV policy to encourage production of premium electric cars: Audi official

The new electric vehicle policy unveiled by the Indian government would encourage local production of premium electric cars in the country, a senior Audi AG executive said on Tuesday. Audi AG Vice-President, Sales Overseas, Andre Konsbruck said the Indian government is taking the right steps to accelerate the adoption of EVs in the country. "The government seems to be very committed to sustainability and to the electric future," he said in an interaction here while referring to the new electric policy. Konsbruck said that India is perhaps the first market where a specific regulation is targeted towards premium cars. "So it might really accelerate the localisation of premium electric cars, which will automatically then also drive the demand," he stated. Last week, the Indian government approved an EV policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at ...

Tata Motors opens new registered vehicle scrapping facility near Delhi

This new facility follows the success of the company's four existing RVSFs located in Jaipur, Bhubaneswar, Surat, and Chandigarh

Audi to drive in over 20 new models by 2025-end, says CEO Gernot Dollner

German automaker Audi plans to roll out over 20 new models by the end of 2025 across markets, Audi AG CEO Gernot Dollner said on Tuesday. The company also plans to electrify all core segments by 2027. The automaker has also lined up a capex of EUR 41 billion for the period between 2024-2028. Audi AG will invest EUR 11.5 billion in the development of ICE (internal combustion engine), PHEV (plug-in hybrid electric vehicle) and other segments and EUR 29.5 billion for BEV (battery electric vehicles) and digitisation. "The Audi Q6 e-tron is the start of an extensive product initiative that we will use to rejuvenate our portfolio over the coming years," Dollner stated. He further said: "We are planning more than 20 new models in 2024 and 2025, including the presentation of the A6 e-tron in the summer of 2024 and the new generation of the A5 and Q5 as the first models on the new Premium Platform Combustion (PPC) in the second half of the year." The group is positioning itself for the fu

New EV policy to help launch many premium-quality SUVs: VinFast Auto

Vietnam's electric car maker VinFast Auto on Monday said India's new electric vehicle policy that provides import duty concessions for companies setting up manufacturing units in the country with a minimum investment of USD 500 million will allow it to introduce a wide variety of eco-friendly premium-quality SUVs at inclusive prices. The Indian government's new electric vehicle (EV) scheme aims to drive large investments in manufacturing, create competencies and upskilling, set up a robust supply chain and offer consumers world-class, zero-tailpipe emission vehicles, VinFast India CEO Pham Sanh Chau said in a statement. "This forward-looking policy helps us introduce a wide variety of smart, green, premium-quality SUVs, at inclusive prices, along with outstanding aftersales policies," he added. Chau further said, "With a long-term growth commitment in India, we have pledged an expenditure of USD 500 million, which includes the electric vehicle manufacturing facility in Tamil Nadu."

Popular Vehicles' IPO gets subscribed 1.23 times on last day of bidding

The Initial Public Offer (IPO) of Popular Vehicles and Services received 1.23 times subscription on the closing day of bidding on Thursday. The Rs 601.55 crore-IPO received bids for 1,77,74,350 shares against 1,44,15,110 shares on offer, as per NSE data. The quota for Qualified Institutional Buyers (QIBs) got subscribed 1.97 times while the category for Retail Individual Investors (RIIs) fetched 1.05 times subscription. The portion for non-institutional investors received 66 per cent subscription. The IPO had a fresh issue of up to Rs 250 crore and an Offer For Sale of up to 1,19,17,075 equity shares. The IPO had a price range of Rs 280-295 a share. On Monday, Popular Vehicles and Services said it has garnered Rs 180.17 crore from anchor investors. Proceeds of the fresh issue will be used for debt payment and general corporate purposes. Popular Vehicles and Services is a leading diversified automotive dealership in the country with a presence across the automotive retail value c

Govt announces Rs 500 crore e-mobility scheme to promote electric vehicles

The second phase of FAME-II or Faster Adoption and Manufacturing of Electric Vehicles in India programme ends on March 31, 2024

Volkswagen sees slowdown in vehicle sales growth amid growing competition

The company said on Wednesday it expected a boost to vehicle orders in Western Europe in the coming months from new models including fully electric cars

Xiaomi to deliver first batch of electric vehicles this month in China

The smartphone maker, China's fifth-largest, said in a Weibo post that 59 of its stores in 29 cities nationwide will take orders for its new Speed Ultra 7 (SU7) sedan

Hyundai to target performance-oriented niche segment with N Line range

Hyundai Motor India is seeking to address a niche, yet growing segment of buyers who are performance-oriented through its N Line range of products, according to company COO Tarun Garg. The company, which currently offers the N Line range on its two models -- i20 hatchback and compact SUV Venue -- that has styling and performance upgrades compared to the normal offering, on Monday also introduced its mid-sized SUV Creta priced between Rs 16.82 lakh and Rs 20.29 lakh (ex-showroom Delhi). "In 2021, we sold 3,196 (units of ) N Line. In 2022, we sold 7,560 N Line and in 2023, we sold 9,718 N Line...overall 22,000 N Line....the numbers are increasing. At the same time, frankly, I don't think volume is an objective in N Line. We understand it's a niche market," Garg said in an interaction. On the objective behind introducing more products under N Line, he said, "We believe even if there's a niche, I think it's our responsibility to give the set of customers who are looking to have a very .

Popular Vehicles and Services IPO: Date, price band, GMP, financials & more

Popular Vehicles and Services IPO: Popular Vehicles & Services IPO is a book built issue of Rs 601.55 crore. The price band is set at Rs 280 to Rs 295 per share

Tesla's German gigafactory to restart next week, says works council head

German police said they believed a letter from a far-left organisation called the Volcano Group claiming responsibility for the fire was authentic

Passenger vehicles industry estimated to grow up to 9% this fiscal: ICRA

The domestic passenger vehicle (PV) market is estimated to grow by six to nine per cent in the current financial year over the preceding fiscal, according to ratings firm ICRA. In absolute terms, the PV industry will clock a sales figure of 4.2 million units in the current fiscal. The report said that dealer inventories remain high despite strong retail sales, and the pace of growth is expected to taper off in the coming financial year. ICRA said that during the recently concluded festive season, retail sales grew six per cent year-on-year. The inventory levels in the industry remain high at 50 to 55 days at the end of January 2024. The utility vehicle (UV) segment continued to expand led by a shift in customer preferences coupled with a slew of product launches. The demand for the entry car segment remained muted, the report said. The availability of alternative fuels like CNG and electricity is steadily on the rise aided by the introduction of new models. The capital expendi

Govt denies reports of extension of EV subsidy scheme FAME-II beyond Mar 31

The government on Thursday said it has not extended the flagship scheme to promote electric mobility FAME-II beyond March 31, according to officials. The Ministry of Heavy Industries denied media reports claiming that the Centre has granted a temporary four-month extension to the scheme till July 31, with an outlay of Rs 500 crore for the period. Subsidies under the second phase of the FAME Scheme will be eligible for e-vehicles sold till March 31, 2024, or till the time funds are available, the Heavy Industries ministry stated last month. It also shared that the outlay of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme has been enhanced from Rs 10,000 crore to Rs 11,500 crore. The ministry had said in the statement that the second phase of its flagship scheme to promote adoption of EVs in India -- FAME II -- was "fund- and term-limited". As per the revised outlay, electric two-wheelers, electric three-wheelers, and electric four-wheelers ar

Tata Motors to hike commercial vehicle prices by up to 2% from April 1

Tata Motors, India's top automaker by revenue, had last hiked prices for its CV range by up to 3% in January

Sumitomo Wiring divests 4.4% stake in Samvardhana Motherson for Rs 3,633 cr

Japan's Sumitomo Wiring Systems on Wednesday divested a 4.4 per cent stake in Samvardhana Motherson International Ltd for Rs 3,633 crore through open market transactions. Sumitomo Wiring Systems (SWS) is one of the promoter entities in Samvardhana Motherson International Ltd (SAMIL). According to the bulk deal data available with the National Stock Exchange (NSE), Sumitomo Wiring Systems sold a total of 30 crore shares, amounting to a 4.43 per cent stake in SAMIL. The shares were offloaded within the price range of Rs 121.03-121.25 apiece, taking the combined deal value to Rs 3,633.20 crore. After the stake sale, the shareholding of SWS has declined to 9.72 per cent from 14.15 per cent in the company. The combined shareholding of the promoters and promoter group entities has declined to 60.35 per cent stake in Samvardhana Motherson International from 64.78 per cent. As of December 2023, SWS and its wholly-owned subsidiary HK Wiring Systems Ltd (HKWS) jointly held a 14.32 per cent

Exide Industries further invests Rs 40 cr in advanced chemistry battery arm

Battery maker Exide Industries Ltd on Wednesday said it has further invested nearly Rs 40 crore in its wholly-owned arm advanced chemistry battery cells manufacturer Exide Energy Solutions Ltd. The investment of Rs 39,99,99,975 has been made by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL), on rights basis, Exide Industries said in a regulatory filing. "With this investment, the total investment made by the company in EESL stands at Rs 1,965 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition," it added. EESL is in the process of setting up a plant for manufacturing and selling lithium-ion battery cells, modules and pack business. The further capital infusion is to fund the greenfield project and meet various funding requirements of EESL, the company said. EESL is into manufacturing battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch,

With growing economy, Siemens has high hopes from Indian biz, says exec

Rebellius, head of Siemens' Smart Infrastructure business, said India was a priority for future investments as it upgrades its electric grid and invests in renewable energy

General Motors, Magna, Wipro team up for automotive software marketplace

The joint venture, SDVerse, will link the buyers and sellers through a digital platform, where the software's features and attributes can be listed

Tata Sons listing: Tata Group stocks rally on hopes of value unlock

Automobile Corporation of Goa (ACG) gained the most at 14 per cent followed by Tata Chemicals and Tata Investment Corporation (TIC) at around 5 per cent each

Banyantree backed Popular Vehicles and Services to launch IPO on March 12

Popular Vehicles and Services Ltd, which is engaged in automotive dealerships, is set to launch its Initial Public Offering (IPO) on March 12. The initial share sale will conclude on March 14 and the bidding for anchor investors will open for a day on March 11, according to the Red Herring Prospectus (RHP). The IPO comprises a fresh issuance of equity shares worth Rs 250 crore and an Offer For Sale (OFS) of 1.19 crore equity shares by Banyantree Growth Capital II, LLC. At present, promoters hold a 69.45 per cent stake in Popular Vehicles and Services and Banyan Tree owns over 30 per cent stake in the company. Proceeds of the fresh issue will be used for payment of debt and general corporate purposes. The Kerala-based company is a leading diversified automotive dealership in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger ...