Page 28 - Automobile Industry

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

Eicher expects exports of Royal Enfield to pick up after two-year slump

Strong domestic sales of Royal Enfield, a premium-priced motorcycle, helped Eicher post a bigger-than-expected 12.3% jump in revenue to 41.79 billion rupees ($504 million) for the Oct-Dec quarter

Auto component industry's revenue growth to moderate to 5-7%: ICRA

Annual revenue growth of leading auto component manufacturing companies will come down to 5-7 per cent in the next fiscal due to moderation in domestic volumes and a drop in exports, rating firm Icra said on Tuesday. According to Icra estimates, its sample of 45 auto ancillaries, with aggregate annual revenues of Rs 2.7 lakh crore in FY23, is likely to grow by 9-11 per cent in FY24, driven by healthy domestic demand despite a high base and moderate growth in exports. For FY25, the growth is likely to be relatively lower to 5-7 per cent, with expected moderation in domestic volume growth and a weak outlook for exports, Icra said. It also noted that capex towards capacity enhancements and technological development resulted in higher investment in FY24, which is likely to continue in FY25. The industry is estimated to incur a capex of at least Rs 20,000-25,000 crore in FY2025, with incremental investments being towards new product additions, product development for committed platforms

JSW, Odisha govt tie up for Rs 40K cr integrated EV manufacturing facility

The JSW group on Saturday signed a Memorandum of Understanding with the Odisha government for establishment of an Integrated Electric Vehicle (EV) and EV Battery manufacturing project at an investment of Rs 40,000 crore in the state. At Naraj in Cuttack district the JSW group will set up an EV vehicle, and component manufacturing plant, while at Paradip in Jagatsinghpur district, it will set up a copper smelter and lithium refinery. The project consists of a 50 GWH EV battery plant, EV, lithium refinery, copper smelter and related component manufacturing units. The MoU was signed two weeks after the state cabinet approved a special incentive package for the group's ambitious EV and component manufacturing projects at Naraj in Cuttack and Paradip in Jagatsinghpur district. Speaking on the occasion, Chief Minister Naveen Patnaik said this day marks a great leap forward in the state's journey towards industrial excellence and sustainable development.. "Powered by the 5T ...

Honda results: Profit up 3.5% in Dec quarter on back of strong US demand

Japanese automaker Honda's profit rose 3.5 per cent in the October-December quarter from a year earlier on the back of solid demand in the US and Europe and a recovery in its home market, the company said on Thursday. Tokyo-based Honda Motor Corp's profit in the last quarter was 253.3 billion yen, or USD 1.7 billion. Quarterly sales jumped 21 per cent to 5.39 trillion yen (USD 36 billion). A favourable exchange rate helped amplify Honda's overseas profits in yen terms and is expected to continue through the rest of the fiscal year, which ends in March. The dollar has been trading at about 148 Japanese yen, up from about 140 yen last year. All the automakers have been hurt by shortages of computer chips and other parts, partly due to disruptions in manufacturing because of the coronavirus pandemic. The latest results show Honda has mostly but not yet fully recovered to pre-pandemic levels in some locations. Honda's motorcycle sales grew in recent months in Brazil and Europe, accord

Ola Electric considers bidding for mining rights of lithium blocks

Amid growing energy needs, India is trying to encourage electric vehicle production to cut greenhouse gas emissions and reduce reliance on fossil fuel imports

Tesla asks managers which jobs are critical, stoking layoff fears: Report

Tesla sent out a single-line query for each job after canceling some employees' biannual performance reviews, some of the people familiar with the matter told Bloomberg

BBT aims for Rs 600 cr topline, with one-third revenue coming from K'taka

Pre-owned luxury car seller Big Boy Toyz on Wednesday said it aims a topline of Rs 600 crore in the coming financial year, with one-third of this revenue coming from Karnataka. The company also announced the opening of its first dealership in Bengaluru and the fifth overall in India on Wednesday, which would offer an extensive range of high-end luxury brands including Audi, BMW, Mercedes-Benzes, Bentley, Rolls-Royce and Porsche. Till now, the company was retailing the pre-owned cars online in the state. Besides, Bengaluru, Big Boy Toyz (BBT) has outlets in Delhi, Mumbai, Hyderabad and Ahmedabad as well. The opening of an outlet in Bengaluru is not just an expansion but a significant step towards a revenue target of Rs 600 crore in FY25, Big Boy Toyz said in a statement. The company is expecting to close the current fiscal at a revenue of Rs 400 crore, as per the statement, adding that its digital business in Bengaluru has already surpassed the Rs 100-crore mark. The new showroom

GFCL EV to invest Rs 6,000 crore in next 4-5 years to ramp up production

Gujarat Fluorochemicals arm GFCL EV Products on Wednesday announced an investment of Rs 6,000 crore for increasing production capacity of electric vehicle battery materials in the next 4-5 years. The company is poised to enter high-demand regions of the US, Europe and India, according to a statement. The company has already initiated long-term tie-ups with renowned global customers, underscoring the confidence in its capabilities and offerings, the statement said. "GFCL EV Products (GFCL EV), a 100 per cent subsidiary of Gujarat Fluorochemicals...announced investment of Rs 6,000 crore (out of which approx. Rs 650 crore is already invested till December 31, 2023) over the next 4-5 years," it stated. "GFL's visionary investment and unwavering commitment to innovation highlight our pivotal role in shaping the future of the EV and ESS (Energy Storage System) battery industry," Vivek Jain, Chairman of INOXGFL Group, said in the statement. The company's current product portfolio include