Page 27 - Automobile Industry

No country other than India has better prospects for future: Maruti Suzuki

There is no other country in the world better placed than India in terms of future growth, Maruti Suzuki India Chairman RC Bhargava said on Monday. Speaking at an event here, the veteran industry leader noted that the country needs to get rid of the old baggage of various defunct laws, regulations and practices to move ahead. "I can't see any country in the world today which has better prospects for the future than India has," Bhargava said here when asked about the future of the country. He noted that the western countries have reached a certain level where growth is now a dicey matter. "Whether they grow or they're getting into recession and things. People have lost that ethos of working. People want a much more luxurious kind of life. They want good things to come without working," Bhargava said. On the other hand, in India people are aspiring to greatly improve not only their own future, but the future of their families and children, he stated. "And that hunger is going to dr

TVS launches TVS HLX 150F to mark best-selling model's milestone sales

Automaker TVS Motor Company on Monday announced that its best-selling TVS HLX line of two-wheelers has crossed the milestone of 3.5 million units in sales in international markets, and that it is launching the TVS HLX 150F, with added features, to mark the occasion. The company said it was expressing "its gratitude" to customers by launching the model with added safety features, better suspension and better styling, among other things. "The TVS HLX line was first made available 10 years ago in Africa and is now available in 50 countries across Latin America, Africa and Asia. The company expressed its gratitude to customers by launching TVS HLX 150F a new offering that has the powerful yet efficient ecothrust engine, added safety features, a superior suspension and better styling, courtesy new graphics and exciting colours," a company release said. The features include trapezoidal LED headlights that are brighter yet energy efficient, pillion handle rail for better grip, a rear load

Volvo Car India restructures management team headed by Jyoti Malhotra

Volvo Car India on Monday said it has restructured its management team headed by Jyoti Malhotra through both internal role changes as well as external talent acquisition. The exercise carried out over the past few months is aimed to secure long-term strategic transformation and direct-to-consumer online sales, Volva Car India said. It is a subsidiary of Swedish luxury carmaker Volvo Cars. As part of the rejig, Kalpit Shishodia, who led the customer service function since 2017, has been promoted to the role of director commercial operations to oversee all revenue generating functions under sales and service. This is to ensure profitable growth, including sales of new and used cars, parts, accessories and related value chain as well as the required tech support for all products, the company said. Similarly, Prashant Khanna has been elevated to the role of director business transformation and retail development. Khanna, in his new role, is responsible for leading the transformation o

A self-driving car ride

Autonomous vehicles are not just the future but a present reality

Wireless charging for electric vehicles getting closer to reality: Report

This is the promise of wireless EV charging, an inductive transfer of electrons that would eliminate the need for all those pesky cords

New guidelines for overage vehicles plying on Delhi roads. Check details

The norms apply to petrol-run vehicles above the age of 15 years and diesel-run vehicles above the age of 10 years. These vehicles are banned in Delhi

Electric vehicle startup Vidyut raises $10 mn from 3one4 Capital, others

Electric vehicle startup Vidyut on Tuesday said it has secured USD 10 million capital funding comprising equity and debt in Series A fundraising for expanding its bouquet of services. The Series A funding round was led by 3one4 Capital along with participation from new and existing investors such as Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and CEO of Udaan Capital Sujeet Kumar, the company said in a statement. Vidyut said it will now offer EV insurance, lifecycle management, and EV resale, and it is also looking to expand its presence to 40 cities. The company said it aims to double the headcount by the end of next fiscal as it prepares to build a full-stack EV ecosystem and that it will utilise the fresh capital to scale its offerings to the EV ecosystem. "Our focus is not just on financing but on elevating the entire EV ownership journey for India's SMBs, who are the backbone of our economy," said Gaurav Srivastava, Co-founder of Vidyut. Founded in 2021, .

US to soften tailpipe rules, slow electric vehicle transition through 2030

The Environmental Protection Agency in April 2023 proposed requiring a 56% reduction in new vehicle emissions by 2032

Toyota Industries faces crackdown for engine emissions cheating: Report

"The regulator will weigh the severity of the misconduct before deciding whether to do the same for engines used in Land Cruiser vehicles and HiAce vans," the report said

RenewSys to set up PV modules, cell manufacturing units in Telangana

RenewSys India Pvt Ltd on Monday signed an MoU with the Telangana government for setting up multiple PV modules and PV Cell manufacturing units in the state with a phased investment of around Rs 6,000 crores. RenewSys is a company headquartered in Singapore and it has set up integrated manufacturing facility of solar PV modules and its key components Encapsulants, Backsheets, and PV cells, an official release said. With the signing of the MoU, the company has committed to make a phased investment of around Rs 6,000 crores generating direct employment for over 11,000 people over the next five years and to further expand its operations in Telangana, it said. The MoU was signed in the presence of state IT and Industries Minister D Sridhar Babu in the factory premises at Fab City in Maheshwaram on city outskirts. As per the MoU, RenewSys will be setting up solar PV modules, solar PV cells manufacturing units and Aluminum plant between FY 24 and FY 28, the release said. RenewSys India

Tolins Tyres files draft papers with Sebi to raise Rs 230 cr through IPO

Tolins Tyres Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 230 crore through an initial public offering (IPO). The Kerala-based company's initial share-sale is a combination of fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 30 crore, according to the draft red herring prospectus (DRHP) filed on Friday. Promoters -- Kalamparambil Varkey Tolin and Jerin Tolin-- will offload shares worth Rs 15 crore each through the OFS route. They own 83.31 per cent stake in the company at present. The company may consider raising Rs 25 crore in a Pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced. Of the Rs 200 crore IPO proceeds, Rs 75 crore will be used to augment long-term working capital requirements of the company and Rs 62.55 crore for payment of debt. Further, Rs 24.36 crore will be used for investment in the company's subsidiary, Tolin Rubbers Privat

Hyundai recalls more than 90,000 Genesis vehicles in US due to fire risk

Hyundai is recalling more than 90,000 Genesis vehicles due to a fire risk and owners are advised to park outside and away from structures until a repair is completed. The recall includes certain 2015-2016 Genesis, 2017-2019 Genesis G80, Genesis G90, and 2019 Genesis G70 vehicles. A letter from the National Highway Traffic Safety Administration states that water may enter the starter solenoid and cause an electrical short, which can result in an engine compartment fire while parked or driving. Hyundai said in documents that it has confirmed a dozen thermal incidents with starters in the US from September 29, 2017 to July 9 of 2023. Thermal incidents generally involve smoke, melting of components or fires. It wasn't clear from the documents if there had been any fires. The documents said there were no crashes or injuries. Dealers will install for free a remedy relay kit in the engine junction box.

UP emerges as top state in total vehicle sales, Maharashtra 2nd: SIAM

Uttar Pradesh recorded the highest number of vehicle sales in October-December 2023, followed by Maharashtra, Gujarat and Tamil Nadu, according to Society of Indian Automobile Manufacturers. As per data from Society of Indian Automobile Manufacturers (SIAM), Uttar Pradesh clocked a total sales of 8,22,472 units across passenger and commercial vehicles; and two and three-wheeler categories. Maharashtra was second with 6,88,192 units across the four categories followed by Gujarat with 4,21,026 units and Tamil Nadu 4,19,189 units in the quarter. Uttar Pradesh witnessed the highest number of three-wheelers sold in the quarter at 23,859 units, followed by Maharashtra (20,495), Gujarat (19,743) and Bihar (14,955). Similarly, in the two-wheeler category, Uttar Pradesh topped the list with a total of 6,73,962 units sold in the state, followed by Maharashtra (5,15,612), Madhya Pradesh (3,35,478) and Tamil Nadu (3,24,918). However, in passenger vehicle sales, Maharashtra clocked the highest

Mahindra partners with Volkswagen to get electric components, battery cells

BERLIN (Reuters) -Volkswagen and Mahindra & Mahindra Ltd have signed a supply agreement on the use of key electric components of the German carmaker's open platform for electric vehicles (EVs), the companies said in a statement on Friday.

Tata group considering spinoff of battery business Agratas Energy Storage

A listing may value Agratas at $5 billion to $10 billion depending on its growth and market sentiment, they said. A representative for Tata declined to comment

Continental to cut 7,150 jobs in savings push at struggling auto unit

Some 17 sites in the Rhine-Main area will be reviewed in addition to some other locations, a company spokesperson said Wednesday

Passenger vehicle wholesales clock record 393,074 units in Jan, up by 14%

Passenger Vehicles (PV) sales in India kicked off on a strong note in 2024 with wholesales rising 14 per cent year-on-year to 3,93,074 units last month, the best-ever figure for January driven by robust demand for utility vehicles, industry body SIAM said on Wednesday. As per the data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicles from manufacturers to dealers stood at 3,46,080 units in January 2023. Two-wheeler wholesales rose 26 per cent to 14,95,183 units last month as compared with 11,84,376 units in January last year. "Passenger vehicle sales have remained resilient led by positive consumer sentiments, while the two-wheeler segment witnessed good growth in January as well as the rural market continues to recover," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said. Though the commercial vehicle sector did not grow in January 2024, it is likely to see good offtake in the next two months of this ...

Mahindra & Mahindra's Q3 result: Profits up 60%, miss expectatios

The 'Scorpio' SUV-maker's standalone profit after tax rose 60.6 per cent to Rs 2,454 cr ($295 million) in the three months to Dec. 31, missing analysts' estimate of Rs 2,512 cr, per LSEG data

Eye on affordability? Tata Motors latest to slash prices of electric cars

Company say it is passing on benefits of reduced battery prices, keeps Punch cost unchanged

Eicher Motors Q3 results: Profit up 34% at Rs 996 cr, beats estimates

The company's profit rose 34.4% to Rs 996 crore ($120 million) in the three months to Dec. 31, beating analysts' estimates of Rs 989 crore, as per LSEG data