Page 28 - Automobile Industry

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

General Motors recalls 323,000 pickup trucks in US because of glitch

General Motors is recalling more than 323,000 heavy-duty pickup trucks in the US because the electronic tailgate release switches can short circuit and open the gates while the vehicles are in park. The recall covers certain Chevrolet Silverado and GMC Sierra 2500 and 3500 trucks from the 2020 through 2024 model years. The National Highway Traffic Safety Administration says in documents posted on its website on Tuesday that water can get into the switches and cause the tailgates to open when in park gear. The agency says that can result in unsecured cargo falling out of the beds, creating a road hazard and increasing the risk of a crash. GM is advising owners to check that the tailgate is closed and latched before they drive the trucks. Dealers will replace an exterior touchpad switch. Owners are to be notified by letter starting March 18. GM dealers also have been told to stop selling affected vehicles until repairs are made. The company says in documents that it has 136 complain

Maruti ordered to refund car's price as airbag did not deploy in accident

A consumer panel in Kerala has ordered automobile giant Maruti Suzuki India Limited to refund the price of a car they sold to a customer as its airbag did not deploy during an accident three years ago. The Malappuram District Consumer Commission issued the order based on a complaint filed by Mohammed Musliar, a native of Indianoor in this northern district. As per the complaint, the car in which the complainant travelled met with an accident on June 30, 2021, and the man suffered critical injuries as the vehicle was severely damaged in the mishap, an official statement said here quoting the commission on Tuesday. The consumer approached the redressal body alleging it was the fault of the manufacturer that the airbag did not deploy, which caused him serious injuries. The Motor Vehicle Inspector also reported that the airbag did not function at the time of the crash. The commission ordered a refund of Rs 4,35,854, the price of the vehicle, and Rs 20,000 as cost of litigation, the ...

Eveready Industries Q3 results: Profit jumps 55% on lower expenses

Lithium prices, a key raw material for battery makers, were down in the quarter, helping offset beleaguered rural demand for batteries and flashlights

Honda Motor to recall over 750,000 vehicles in United States: NHTSA

The recall includes certain Honda Pilot, Accord and Civic sedan made between 2020 and 2022, and some Honda CR-V and Passport vehicles manufactured between 2020 and 2021

Snap-E Cabs raises $2.5 million, plans to add 300-400 EVs by FY24

Electric vehicle ride-hailing platform Snap-E Cabs on Monday said it has secured USD 2.5 million in a pre-series A round led by Inflection Point Ventures (IPV). The fresh funds will fuel talent acquisition, technology upgrades, new services and geographical expansion, officials said. It will enable Snap-E Cabs to add 300-400 EVs and expand to two-three new cities by the end of the current fiscal year, they said. Kolkata-based Snap-E Cabs, which was founded in 2022 by Mayank Bindal and Jaydip Mukherjee, aims to operate 1,500-2,000 EVs across five cities by the 2024-25 fiscal. At present, it operates 600 EVs in Kolkata. "India's ambitious EV goals can significantly impact global oil markets... and transition to sustainable development," Bindal said. Rahul Wagh, Managing Director of IPV, said: "Climate change is a global threat... and EVs are crucial for decarbonising transportation. This investment aligns with India's goal of 30 per cent electric vehicle penetration by 2030, he sa

Tata Motors shifts into high gear with Jaguar Land Rover at the wheel

DRIVING FORCE: UK subsidiary powers growth for India's auto leader amid domestic uncertainty

Auto-component maker Sundram Fasteners' Q3 net profits at Rs 116.19 cr

Auto-component maker Sundram Fasteners Ltd has reported a standalone net profit of Rs 116.19 crore, for the October-December 2023 quarter, the company said. The company had registered a standalone net profit of Rs 106.13 crore, during the corresponding quarter of last year. Net profits on a standalone basis for the nine-month period ending December 31, 2023 stood at Rs 346.65 crore as against Rs 347.99 crore registered year ago. The standalone total income during the quarter under review was Rs 1,204.92 crore, as against Rs 1,236.18 crore registered in the same period of last year. Total standalone income for the nine month period ending December 31, 2023 slipped to Rs 3,661.50 crore, from Rs 3,708.25 crore registered in the same period of last year. In a statement, the company said the revenue from operations was Rs 1,180.62 crore, for the quarter ending December 31, 2023 as against Rs 1,226.87 crore during the same period in the previous year. Domestic sales during the quarter