Page 28 - Automobile Industry

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

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